Jun 9 2015
TIG Real Estate Services, Inc., plans to build Ridgeview Business Center, a $31 million, 154,000 square-foot, six-story office building on eight acres optioned by Allen Economic Development Corporation (AEDC) along the Sam Rayburn Tollway between Stacy Road and North Watters Road.
Ridgeview Business Center will be the first office building developed in this corridor in Allen, which includes 1,300 acres of developable land stretching nearly six miles from U.S. 75 southwest to Custer Road between the Sam Rayburn Tollway south service road and Ridgeview Drive. (Photo: Business Wire)
Ridgeview Business Center will be the first office building developed in this corridor in Allen, which includes 1,300 acres of developable land stretching nearly six miles from U.S. 75 southwest to Custer Road between the Sam Rayburn Tollway south service road and Ridgeview Drive. Future land-use plans show office, entertainment and mixed-use development along the corridor.
According to Brad McJunkin, TIG’s director of Acquisitions and Development, construction will get underway once a quarter of the space has been pre-leased. He said he anticipates the space will fill quickly at rates of $27.50 plus electric.
“With this site, we can be competitive in the market and value-conscious,” said McJunkin. “We believe corporate office users will find this to be an outstanding opportunity and a logical alternative to what they would find along the Dallas North Tollway Platinum Corridor.”
The AEDC has optioned the eight acres for phase one from nearby Cottonwood Creek Baptist Church, and an additional 17 acres owned by Betty Williams Trust southwest of the site for phases two and three, said AEDC Executive Director/CEO Dan Bowman. The 17-acre parcel could accommodate up to 500,000 SF of office space, he said.
“Current plans call for phase one to be a multi-tenant building but, at this point, we have the flexibility to adapt the design for a build-to-suit corporate user,” said Bowman. “This site offers tremendous highway visibility and access, and nearby services that appeal to the corporate workforce including restaurants, daycare, exercise facilities and more.”
The exterior has been designed by international architectural firm Gensler.
“The design strives to balance the transparency that our corporate clients are seeking in a modern workplace environment with a high-performance energy-efficient design,” said Gensler Senior Associate Rick Ferrera. “We are combining high-performance curtain wall and insulated precast concrete panels to achieve this.”
Ferrera said the top floor has a north facing exterior balcony which will create a unique and distinctive feature of the building.
AEDC and TIG were self-represented on the transaction.
About TIG Real Estate Services, Inc.
For more information, visit: http://www.tigusa.com.
About Allen Economic Development Corporation
In 1992, the citizens of Allen passed a citywide half-cent sales tax in support of an economic development corporation. Since its inception, the Allen Economic Development Corporation has been charged with facilitating company relocations and assisting the expansion of existing businesses, which creates jobs and additional tax revenue to the community. Since 1992, the AEDC has recruited over seventy new businesses and industries to Allen that have contributed to increasing Allen's total ad valorem tax base from $729 million in 1992 to over $8.3 billion in 2013. The AEDC Board of Directors, appointed by the Allen City Council, governs the corporation's operations. These individuals represent a diverse spectrum of interests and expertise, which is invaluable to making prudent decisions with regard to the quality of Allen's economic development. http://www.allentx.com