950 West Bethany Dr. is the third of five planned class-A office projects at One Bethany at Watters Creek.
ALLEN, TX—Highlands Residential Mortgage recently signed a 10-year lease at One Bethany West at Watters Creek. The Dallas-based mortgage company agreed to a 25,735-square-foot office lease at the soon-to-deliver class-A office property located at 950 West Bethany Dr.
The building is the third of five planned class-A office projects in One Bethany at Watters Creek, joining One Bethany East and Netscout at One Bethany, slated for completion in early July. Highlands Residential Mortgage is expected to occupy the space in November.
"The Highlands Residential Mortgage team is looking forward to relocating our corporate headquarters to the new One Bethany West building in Allen," said Brian W. Bennett, president, Highlands Residential Mortgage. "We have experienced tremendous growth across the country over the last decade serving the home financing needs of our customers both locally and nationally. As we searched for the right long-term location, it was very important that we find a reputable commercial business partner and a great community for our dynamic team of employees. We strongly believe that the One Bethany West building with its amenities and close proximity to the Watters Creek shops, dining and convention center will make for an outstanding home as we continue our nationwide expansion efforts."
JLL's Blake Shipley and Chris Doggett represented the property ownership group, Kaizen Development Partners, in the lease negotiation. Mohr Partners' Rob Pipkin represented the tenant.
"One Bethany West at Watters Creek will meaningfully contribute to the companies and people who strengthen our region's robust economic engine and further highlights Allen as a location for corporate offices," said Derrick Evers, managing partner/chief executive officer, Kaizen Development Partners.
One Bethany West will offer tenants and guests immediate access to the new Watters Creek Convention Center and Delta Hotels by Marriott Dallas Allen, which features the Stampede 66 from celebrity chef Stephan Pyles. The property is located across from Watters Creek at Montgomery Farms, which offers a variety of popular restaurants, retail and shopping options.
"One Bethany is in the center of our growing region, providing terrific access to the area's premier talent," Evers tells GlobeSt.com. "With an eclectic set of services and retailers, both onsite and nearby, and the tremendous accessibility for corporate clients and the surrounding employment base, we're excited to welcome Highlands Residential Mortgage to One Bethany West and look forward to adding additional names to its growing roster."
Two additional development sites are currently available in One Bethany at Watters Creek for potential build-to-suits. The Allen Economic Development Corporation and Allen have indicated support for the recruitment of new office tenants to the district.
"One Bethany West has experienced very strong leasing activity on the heels of the same strong demand for the adjacent One Bethany East building, which is now fully leased," said Dan Bowman, executive director of the Allen Economic Development Corporation.
The office building offers onsite amenities including a tenant lounge, conference center, fitness center, men's and women's locker rooms with shower facilities, and a golf simulator.
The Dallas office market had one of its strongest years this decade in 2019, posting more than 4.6 million square feet of net absorption, according to a fourth quarter JLL report. Nearly a majority or 47% of 2019's net absorption came in fourth quarter 2019 as new deliveries bolstered demand. Las Colinas led all submarkets in net absorption by a landslide with 1 million square feet in the last quarter.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
