It has taken nearly a year to make the deal for 1000 Coit Rd., Phil Baker, now an executive vice president with CB Richard Ellis Inc. in Dallas, tells GlobeSt.com. Alcatel scaled back jobs and office space in the past year, but hasn't turned its back totally on the Far North Dallas submarket although it is marketing two more assets, totaling 498,000 sf, on the north side of the freeway.

The diocese has five high schools in North Texas, but demand far outweighs capacity. The acquisition, tentatively set to close in December, will be built out with the John Paul II Catholic High School, a plan that's been on the drawing boards for several years.

"The bishop, the staff and other supporters have looked at numerous options of how to bring a Catholic high school to the Plano area," Dr. Charles LeBlanc, the diocese's director of schools, said in a press release. "The Alcatel facility and property offers us an incredible opportunity and a prime, readily accessible location." If the deal closes on schedule, construction could start in about 16 months. It is hoped to be up and running for the 2005-06 term.

The diocese plans to reconfigure the 280,000-sf building into a co-ed school for 1,200 students, with ample space for classrooms, chapel, cafeteria, library and labs. A gymnasium is being discussed and is one consideration for the 12.5 acres of raw land that were optioned along with the building, which sits on 35 acres on the northeast corner of Plano Parkway and Coit Road.

Baker and John Huff, both formerly with Insignia/ESG and now at CBRE, represented the diocese. Dave Anderson of CBRE in Dallas bargained the deal for Alcatel.