New Owner Charts Turnaround Course for 200,563-SF Office Building

Stream will pump another $1 million, give or take, into interior renovations and making over the top floor as model space in the newly named, eight-story Lakeside Tower at 2350 Lakeside Blvd., Benjamin Hautt, associate for the locally based firm, tells GlobeSt.com. Construction will begin within three weeks, with the work wrapping up in three months, he says.

Miranda Office Partners, a local investment group, bought the building in August 2003 from Dallas-based Granite Properties not long after it took the deed from a New York City investor and nearly two years after Nortel shuttered it. The 6.35-acre holding, developed in 1985, is assessed at $8.24 million by Dallas County.

Hautt says Stream's turnaround plan differs slightly from its other owners. "The difference is we're going to go in spec and do the renovation," he says. "Richardson is a market we feel great about. We feel our building has the most prominence, greatest efficiencies and ideal parking situation."

Hautt says talks began about six months ago. Since then, Stream's managing directors and partners Paul Moser and Rob Kennedy and Hautt have had at least 10 full-floor inquiries and placed one proposal. "We're pretty confident we will have sufficient traction within a year," Hautt says.

The repositioning plan, though, targets a sweet spot that every owner is chasing: strong credit tenants needing 25,000 sf or more. "We won't break up the building for less than 25,000 sf," Hautt stresses, adding that floors will be divvied if the lease meets the minimum. The space will come to market at $19 per sf plus electric. Key to Stream's repositioning agenda is to develop a diversified tenant base, according to Hautt.