GSA Holdings, Commodore Map Out $100M-Plus Plan

PLANO, TX-GSA Holdings LLC and Commodore Partners Ltd. could break ground at year’s end on a 100,000-sf class A office building, the flagship real estate for Veritas Point, a 32-acre foothold with more than $100 million of build-out promise. The partners are considering a spec start based on market response to a recent mailing.

Austin-based GSA Holdings’ next-door project, the 40,000-sf Plano Federal Courthouse, was the firing pin for its joint venture arrangement with Dallas businessman Carl Westcott, chairman of Westcott LLC and general partner of Commodore Partners, which owns the hard corner of Preston Road and Headquarters Drive. “The synergies from being next to the courthouse and across from the Children’s Medical Center will bring legal and medical tenants,” says Heather Densmore Shover, senior associate for Stream Realty Partners LP in Dallas. “We’re expecting strong interest from the legal and medical communities.”

Steve Glasgow, managing partner for the 18-month-old GSA Holdings, says Veritas Point will be a mix of class A office and hospitality space–at least three office buildings and one hotel, possibly two. “We have 32 acres. You can do quite a few buildings. It will depend on the traction we get in the market,” he tells GlobeSt.com. “But we knew once this [courthouse] got on the ground, there was going to be a pretty strong demand for peripheral development.” Based on the standard coverage formula, the site could support about 488,000 sf.