Team Finalizing Repositioning Plan for 215,696-SF Office Building

PM Realty Group's Dallas office has been hired to lead the repositioning plan for the 10-story building at 5615 Highpoint Dr., vacated by two business units of the New York City-headquartered Verizon Communications Inc. shortly before CW Capital of Washington, DC acquired it from a Dallas investment group. "It's the largest of the empty buildings in the Las Colinas Office Center," says Bernard Deaton, senior vice president and director in Dallas/Fort Worth for the Houston-based PM Realty Group.

Deaton says Stauffelbach Design Associates of Dallas made its first presentation to the oversight team just last week. "We are now moving into the pricing stage to determine what it needs to bring the building back up to competitive status," he tells GlobeSt.com. The preliminary estimate is pushing $2 million, but that is definitely subject to change, he adds.

Verizon spent at least 10 years as the sole tenant in the 22-year-old asset. Despite the structure's single-tenant features, Deaton says the new owner isn't going to wait around for one user. In fact, he says, a proposal is out for a 75,000-sf prospect. Kurt Cherry, PM Realty's vice president of leasing, is handling the tenant search.

"Our business goal is to put this building back into the market," Deaton says, citing a $15.50 per sf to $16 per sf plus electric rate to open talks. "We're going to be extremely competitive in leasing this building up."