Shala Smith, public affairs officer for GSA Homeland Security, tells GlobeSt.com that the plan calls for a 49,926-sf office building with ample parking for the agency's 300 customers per day and staff. She says the plan includes vacating a leased site at 8101 N. Stemmons Frwy. when the Las Colinas campus-style project near the Longhorn Drive-Texas 114 intersection is complete. The owner of the existing office building, though, tells GlobeSt.com that he's not been made aware that the tenant intends to vacate.
Word on the street was JDL Castle Corp. planned to develop a 100,000-sf office building. It appears the street talk was tied to the size of the tract that's been bought from locally based Archon Group LP's land inventory. Smith says the developer, led by Brice Shearburn, is free to develop more space if he wants, but the tract size was needed to meet GSA's setback test and large parking requirement. The developer and the GSA confirmed the project's size, but not its delivery date.
The GSA project is JDL Castle's inroad to Texas. JDL was awarded the contract Jan. 3 in a face-off with four other developers, several of which undoubtedly were local since there's been a steady land grab going on for months in the neighborhood. Opus West Corp. is building on the north side of the freeway; JDL's site is on the south side and just a stone's throw from the NEC America Corporate Center along Longhorn Drive and not far from a proposed mixed-use development beside GTE Realty's Verizon Communications Inc. campus.
GSA's Smith says the build-to-suit lease was brokered by CB Richard Ellis. The Capstar Commercial Real Estate Services team of principal Johnny Johnson and vice president Rodney Helm negotiated the land sale. The dirt was marketed for $8 per sf.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.