Stream Partners Does Quick Change on HQ Relocation Plan

"We liked this so much that we decided to buy it anyway," Stream co-managing partner Lee Beland tells GlobeSt.com about 16803 N. Dallas Parkway, most often called the Armstrong Building. Stream and Dallas-based Bandera Ventures teamed for the first time since the top execs' breaks from Trammell Crow Co. to buy the 3.9-acre asset in Addison. The 24-year-old building, assessed at $5.2 million, was on the market for $6.2 million by the Cushman & Wakefield of Texas Inc. team of Daryl Mullin, senior director, and Lawrence Gardner, associate director.

The seller, Lancaster, PA-based Triangle Pacific Corp., held onto 33,341 sf for its Armstrong Wood Products Inc. division. Armstrong occupies the second floor and shares the first with Crocker & Reynolds Construction, firmly planted in 4,306 sf. The Stream team is marketing the 21,270-sf top floor to a single user and offering a tollway-fronting sign as part of the incentive.

Ben Sumner, Stream's man on the street with the listing, has the class A space tagged at $20 per sf plus electric. He says the building is generating high interest, but predominately from brokers with clients looking to buy. He says it's not a remote possibility that the building could flip if the right deal comes along. Stream's project manager says the travertine-clad building, with its hardwood and millwork interior, would cost $250 per sf to replicate.

The Stream move from 511 E. John Carpenter Freeway into 22,147 sf of trophy space in the CBD high-rise is a coming home for Beland and Mike McVean, co-managing partner, who left the building eight years ago to form the company and set up shop in Las Colinas. "So, there's some special sentiment," Beland says about 2200 Ross Ave.