RICHARDSON-Five years after relocating to Lakeside Tower in the Telecomm Corridor, Texas Capital Bank has signed an expansion, bringing its total occupied space to 170,000 square feet. This latest agreement with building owner TriGate Capital keeps the independent, regional bank in the 200,563-square-foot building through 2024.
"They wanted to stay here," explains Stream Realty Partners vice president Tommy Nelson, who partnered with Stream's senior vice president Jeff Schweitzer to represent TriGate in the transaction, which was north of $20 per square foot, plus electric. "The tenant likes the building and the employees are comfortable there. They also like having control over the asset."
Nelson tells GlobeSt.com that the tenant will take at least one floor by the end of 2013, and has until 2014 to move into its remaining space. "They saw the office market changing and quality, class A space in Richardson going away," Nelson adds.
Stream Realty is no stranger to the office building at 2350 Lakeside Blvd. – at one point, the company actually owned it, before selling it to Transwestern Investment Co. in 2007. Nelson says Texas Capital Bank moved to the building in 2008, and during its stay, has seen the building go into foreclosure and be acquired by TriGate in 2009. In 2011, the bank expanded by 15,000 square feet, and last year, added an additional 25,000 to its total. There is approximately 4,500 square feet vacant (Metro PCS also has a presence in the building), and occupancy is 98%.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
