The 13-story building totals 351,000 rentable square feet and is connected by a sky bridge to the 15-story International Plaza II, which totals 406,000 square feet. Because both buildings have been fully occupied since they were developed, this is the first time other tenants will have the chance to lease space in the buildings.

“International Plaza I and II is a gem that has been hidden in plain sight,” Lam said. “We're excited to reintroduce this iconic asset back into such an active market—it has enormous potential.”

Although the property has been exceptionally maintained, Taconic Capital plans to invest significant capital to make upgrades at the campus and add numerous amenities. The company selected Cushman & Wakefield to oversee leasing, property management and related services. Lauren Napper, Matt Schendle, Trey Smith and Chris Taylor of Cushman & Wakefield will head leasing efforts at International Plaza I and II.

“We have more than 750,000 square feet of existing class-A office space available in one contiguous block, which is unheard of in this market,” said Taylor. “We will be pursuing large corporate users that want to be in a prestigious class-A facility with multiple amenities and a great location at below build-to-suit pricing. We're eager to begin marketing the campus, particularly with the number of big deals in the market right now.”

Taylor said Dallas-Fort Worth continues to benefit from both corporate expansions and organic growth. He anticipates solid demand and says the strength of Taconic Capital gives International Plaza I and II a boost.

“Having a well-funded owner creates clarity and sends a strong message with regard to the tenant improvements and broker commissions necessary to support lease-up of the property,” Taylor said.

International Plaza I and II has a technological infrastructure consisting of dual-feed electric and a raised-floor environment throughout the campus. Redevelopment plans call for significant upgrades to the fitness and conference centers, enhanced and increased dining options, and a reinvention of the project's expansive outdoor space.

According to Cushman & Wakefield's first quarter 2018 statistics, average lease rates for class-A space are $28.95 per square foot on the lower tollway (Far North Dallas South), $36.76 per square foot in Legacy/Frisco (Far North Dallas North), $47.24 per square foot in Uptown and $42.42 per square foot in Preston Center, GlobeSt.com learns.

“Availability continues to tighten and pricing continues to escalate in some of the hotter markets. For true class-A space, there's about a 20% to 25% differential in lease rates for buildings on the lower tollway. People are realizing the value of the LBJ Express and the location midway between the Dallas central business district and the northern suburbs,” Smith tells GlobeSt.com. “Many of the buildings on the lower tollway have undergone major renovations to compete with newer product in Uptown and Legacy. There has also been a retail resurgence with Village on the Parkway and all along Belt Line, and in and around the Galleria.”