RICHARDSON, TX-Ericsson has signed two leases for roughly 260,000 square feet at the former Nortel campus in the Telecom Corridor, bringing its total occupancy to 460,000 square feet at the project.
Located at 2201-2221 Lakeside Blvd., the campus is comprised of roughly 800,000 square feet in a 16-story office building and a research and development facility. Dallas-based Pillar Commercial acquired the 17.5-acre campus for $43.l million earlier this month.
The two Ericsson deals include a renewal of the company’s current 200,000 square feet in the campus’ low-rise research and development building, as well as an additional 60,000 square feet, bringing its total in that complex to 260,000 square feet. In addition, Ericsson signed a new lease to occupy 200,000 square feet in the campus’s main tower. Currently, Ericsson houses approximately 1,100 employees at this location, and the additional space will give the telecommunications giant the capacity for 1,400 more people.
“We are excited to follow up the recent news about our acquisition of this property with such a significant lease transaction,” says Manny Ybarra, founder and principal of Pillar Commercial. “When we purchased this campus we believed it truly was one of the premier commercial properties in the region, and this commitment from Ericsson is a testament to that belief.”
Ybarra represented Pillar Commercial in lease negotiations with Ericsson. Mike Wyatt and Ken Johnston of Cushman & Wakefield of Texas Inc. represented Ericsson. Wyatt and Johnston were unable to respond to GlobeSt.com’s request for additional information.
Pillar Commercial, which specializes in repositioning underperforming investment properties, was one of several potential buyers for the campus, which was built in 1991. Toronto-based Nortel filed for Chapter 11 in 2009, and the sale of its campus was one of the final pieces of its global liquidation.
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