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Daimler, Hillwood Pen 204,000-SF Office BTS

FORT WORTH-Daimler Financial and Hillwood rip up a prelease struck in August for 75,344 sf and replace it with a long-term pact for an entire class A office building.

By Connie Gore | Updated on November 12, 2007

FORT WORTH-Hillwood and Daimler Financial Services Americas are replacing a 75,344-sf lease in the under-construction Heritage Commons II with a 204,000-sf build-to-suit. The class A office building will break ground in 30 days to meet the summer 2008 occupancy requirement.

The Farmington Hills, MI-based Daimler Financial plans to put 650 employees into the three-story building, including 180 from its Daimler Truck Financial center in Lisle, IL and 35 more from several other US locations of Mercedes-Benz Financial. Until the build-to-suit is done, the 440-employee Mercedes-Benz collections and remarketing operation and Chrysler Financial Services will continue to share a 130,000-sf building at 2050 Roanoke Rd. in Westlake in the Circle T Ranch section of the 17,000-acre AllianceTexas. The division is part of transfer of Chrysler assets to Cerberus Capital Management.

Steve Aldrich, vice president of Hillwood Properties, tells GlobeSt.com that the Daimler building will sit on an 18-acre tract that Hillwood had earmarked for a 240,000-sf, two-building office project. Daimler will be getting a front-row seat along Interstate 35W, driving Hillwood to a nearby site so it can get some spec office space on the ground. He says Heritage Commons I at 13,600 Heritage Parkway and 114,7110-sf Heritage Commons II at 13601 North Freeway are pushing 95% occupancy due to deals in the pipeline that will backfill nearly all of Daimler’s reserved space, which was preleased in August with a 10-year agreement.

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