DALLAS--Orlando, Fla.-based CNL Commercial Real Estate Inc. has acquired the former Fossil Watch headquarters building in Richardson through a joint venture investment with CenterSquare Investment Management.

“We are renovating the building to target creative office users who need large floor plates and high parking requirements at a very competitive rate,” Jimmy Grisham, managing director of CNL, told GlobeSt.com. “The existing building is 190,000 square feet and is currently designed for a single user. We will be reconfiguring the building to accommodate multiple tenants as small as 40,000 square feet by creating new entries and common areas and adding and enlarging nearly 40 windows. We are converting the former warehouse into 400 covered parking spaces that will also allow us to offer more than 1,400 parking spaces over the entire property.”

The asset is located in the Richardson submarket, near Interstate 75 and Campbell Road, an area, CNL points out, that is heating up with the relocation of State Farm's two-million-square-foot campus, a 115,000-square-foot relocation for Kohl's and Raytheon's corporate relocation.