Work Begins on $30M-Plus Spec Office Building

PLANO, TX-Lincoln Property Co. has started work on the first leg to a 350,000-sf office project in Legacy Town Center in Far North Dallas, where several developers are locked in a fast-paced race to be the first to deliver class A space. Lincoln’s 207,869-sf spec building, pegged at north of $30 million, will deliver in midsummer 2006.

“We’ve looked at the absorption reports, the vacancy rates and the leasing in Far North Dallas,” says Elliott Prieur, senior vice president for Dallas-based Lincoln, “and we’re comfortable with the product we’re building.” He says Lincoln Legacy One, rising on 4.6 acres at 6860 North Dallas Parkway, is only one of two projects with freeway frontage. Visibility and sign opportunities along the toll road clearly distinguish Lincoln’s project from its competition, according to Prieur.

Prieur says the team has proposals out on 250,000 sf of deals, pushing the space at $25 per sf plus electric. “We’re optimistic,” he says, declining to speculate when the first lease will get inked for the eight-story Lincoln Legacy One, which has a six-story, 150,000-sf sister waiting in the wings for a demand-driven start.

Lincoln’s project is the sixth that it’s built in the town center and the first in three years. With most of its one-million-sf Legacy stock now sold, Lincoln acquired another 4.6 acres from the locally based EDS Corp. and optioned abutting land for the 150,000-sf kid sister.

Lincoln Legacy One, complemented by a 600-space, four-story parking garage, was designed by Good, Fulton & Farrell Architects of Dallas. Constructors & Associates Inc., also from Dallas, is the general contractor. Prieur is teaming with Lincoln vice president Jeff Montgomery and marketing associate Lee Nix to prelease the project.