"AREP is actively working on additional acquisitions to complement its growing portfolio in the market," says Paul Schulman, AREP principal and chief operating officer.

The area along the highly anticipated Loop 202 expansion has attracted investor interest and rising land values.

"Diversity is essential to all real estate organizations and is simply good business—and that includes not just racial and ethnic diversity, but diversity based on gender and sexual orientation as well."

The four-story 139,431-square-foot building, estimated to cost approximately $56.3 million to complete, will be built on the southwest corner of Clark Avenue and 1st Street on a one-acre parcel.