The saving grace of the 200,000-sf Las Colinas Highlands is its positioning in one of the stronger submarkets for the times. Todd White, Dallas-based Macfarlan's senior vice president of marketing and director of transactions, tells GlobeSt.com that he has two large proposals and three mid-size ones out. It's too premature in the game to predict when a closing will take place, he adds.
Las Colinas Highlands broke ground in October 2000 when times were good, forcing the joint venture partners to keep pushing ahead despite the heavy fallout in the office sector. The building, White says confidently, should be leased before the year ends due to its competitive pricing and state-of-the-art design. "The truth is the direct class A rate factor has changed just 1% to 2% points since we broke ground," he explains.
The seven-story Las Colinas Highlands is positioned on the southwest corner of Texas 114 and 161. Corgan Associates Inc. of Dallas designed the office building with corporate users in mind: 30,000-sf floor plates, covered parking and security access. White believes leasing will get its boost from the fact that the building carries the highly sought Las Colinas address, but not inherent extra taxes that come with doing business in the tony area of Irving. As White searches for would-be tenants, contractors are wrapping up work on the punch list.
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