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Cole Snags Encana HQ for $120M

PLANO, TX-The Phoenix buyer adds the 320,000-square-foot, class A office building to its portfolio. The property is 100% leased to Encana Oil & Gas: 15 years remain on the net lease.

By Amy Wolff Sorter | Updated on November 28, 2012

PLANO, TX-Cole Real Estate Investments acquired the 318,600-square-foot regional headquarters of Encana Oil & Gas USA Inc., adding the single-tenant, net-leased property to its growing portfolio. The Phoenix buyer paid $120 million for the Legacy Business Park office building located in the far north Dallas submarket.

Construction of the class A office tower at 5851 Legacy Circle was completed in October, 2012. According to a report on Plano’s Economic Development website, Dallas-based KDC broke ground on the seven-acre site in 2010. Upon completion of the office building and accompanying parking garage, KDC leased the buildings back to Encana, which is headquartered in Calgary. Corgan Associates was the architect, while Cushman & Wakefield of Texas helped the North American energy producer find the ideal location for its Texas and Louisiana operations. There are 15 years remaining on the Encana lease.

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