Legacy business park office building sells after $2.5 million makeover
The Plano office project changes hands after upgrades and a lease-up.
You can add a Plano building to the growing list of office properties that have recently sold in the Dallas area.
The eight-story Gateway at Legacy office is on the Dallas North Tollway in Legacy business park. Built in 2006, the building got a $2.5 million makeover by owner Equus Capital Partners Ltd.
Now Philadelphia-based Equus has sold the Gateway at Legacy to an affiliate of Lincoln Property Co., county records show.
Lincoln Property originally built the Plano office, which Equus purchased in 2018. At the time of the sale, the property was less than 50% occupied.
Equus attracted new tenants, including San Francisco-based tech firm Splunk Inc., which occupies half of the building.
“With the completion of our best-in-class amenities and capital improvements, we were able to secure Splunk as our tenant as they saw the benefit of delivering this high-class environment to its employees,” Equus’ Keith Knight said in a statement.
Jack Crews and Todd Savage of Jones Lang LaSalle marketed the building for sale. Terms of the transaction were not disclosed.
“Gateway at Legacy is a fantastic asset in a market which continues to grow by leaps and bounds,” Mark Dickenson, Executive Vice President at Lincoln Property, said in a statement. “The walkable Legacy location, combined with the great new on-site amenities, will provide our tenants with a clear advantage in recruiting and retaining the top talent in the D-FW market.”
The Plano office building sale follows a flurry of similar recent transactions.
Sales of D-FW office properties stalled in 2020 when the COVID-19 pandemic sent workers home. But demand for office space in the area has improved, with almost 900,000 square feet of net leasing in the final months of 2021. And investors are targeting North Texas offices for acquisitions.
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