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LAS COLINAS, TX-Transwestern Commercial Services, headquartered in Chicago, has landed the leasing assignment for the 88,066-sf Lakepoint at Las Colinas, which has housed the Microsoft College for the past decade.

The Microsoft campus, one of four nationwide, had completed its relocation to Champion Partners’ Sierra development in October, opening the door to Lakepoint’s first top-to-bottom overhaul since it had opened in 1982. Blair Oden, Transwestern’s senior vice president of office services, says the building owner, iStar Financial Inc. of New York City, is making a large capital investment “to reintroduce the building to the market.”

To date, upgrades have been completed for security, energy management, fire, landscaping and HVAC, putting it into move-in condition. Construction on a new roof will begin in January, Oden told GlobeSt.com. “They’ve really made a commitment,” he says. “You don’t see too many owners doing up front work before tenants are signed.”

Oden says marketing efforts will focus on finding a single large user although Lakepoint, situated at 1321 Greenway Dr., could be divvied up for smaller tenants. “It lays out for one tenant,” he says of the property, which comes equipped with high-tech amenities not often found in older properties due to its 10-year occupancy by Microsoft. “I’ve never seen an 88,000-sf building have a separate generator for tenant use,” says the 10-year veteran who oversees a portfolio of more than six million sf of office projects spanning all major Dallas submarkets.

Oden says there already are a half dozen prospects, seeking long-term leases, knocking on the door for the former Microsoft campus. “I always say six to nine months. What I suspect will happen is when the right person sees the building … I expect it will be a very quick deal,” he tells GlobeSt.com.

The structure is being leased for $16 triple net. The top floor of the five-story building has gutted so prospective tenants can see the bay depth and structural make-up. The walled-office structure, with full-service cafeteria, is serviced by eight supplemental HVAC units and GTE fiber optics.

The NYC-based REIT’s portfolio includes a large number of single-tenant buildings secured by long-term leases, says Oden. Two percent of the REIT’s coast-to-coast holdings are in the Southwest, with the highest concentration 39% located in the western US.

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