Tom Allen, the Dallas partner for the Los Angeles-based Maguire, tells GlobeSt.com that the deal has triggered a review of the 900-acre Solana's master plan since there is another 125 acres, fronting Texas 114, now in the land bank. "We'd like to look at a wide use, including some interesting residential product," he says. "We want to make sure what we do is the right thing for the development and the community." Solana is split between Southlake and Westlake, with both cities barring multifamily development.

Allen says Sabre Holdings came to Maguire in May about buying 1 E. Kirkwood Blvd., one of three headquarters buildings in the Southlake section. Sabre also leases about 525,000 sf at 3 Campus Circle and 6 Campus Circle in Westlake.

The sale-leaseback, though, isn't worry-free. In an SEC filing in September, Sabre declared a plan to sell the building to Maguire, vacate it in late 2007 or early 2008 along with the leased space in Westlake. The consolidation would drive 1,200 workers into 3150 Sabre Dr., a 488,000-sf, two-building complex that abuts Maguire's new 20-acre asset. Should the consolidation play out, Sabre's top execs estimate they can save $10 million per year. Sabre's campus houses teams for Travelocity, GetThere, Sabre Travel Network and Sabre Travel Solutions.

"We're going to watch closely to see what they do," Allen explains. "If they do consolidate, we'll have four years to market it."

Business publications yesterday started circulating reports that three investment groups are circling Sabre, with a $4-billion capitalization, in a possible bid to take it private. In addition to Travelocity, Sabre's other top revenue-maker is Biomet Inc., a manufacturer of artificial joints.

Sabre bought the Maguire-developed class A office complex and extra land in 1999. The campus sits across Kirkwood Boulevard from the 150-acre Kirkwood Hollow, a single-family development also built by Maguire.

"When we found out we might be able to own the building, we jumped on it," Allen says. "It's a pretty visible piece of land." Maguire, eyeing mixed-use development for the site, has hired Keating-Khang Architecture of Pasadena, CA and Lake-Flato Architects Inc. of San Antonio to start design work.

The just-acquired structure was designed by Ricardo Legorreta of Mexico City, who won the Pritzker Architecture Prize in 1979 and AIA Gold Medal in 2000. "The Southlake building is a great asset and Sabre is a valued long-term tenant of Solana," Michael Silliman, Maguire's leasing vice president, says in a press release about the deal. "This transaction is a real win-win for both parties."