Thank you for sharing!

Your article was successfully shared with the contacts you provided.

IRVING, TX-The five-month owner of the 215,696-sf Atrium at High Point is ready to tackle a multimillion-dollar renovation to convert the single-tenant asset into multi-tenant, class A office space.

PM Realty Group’s Dallas office has been hired to lead the repositioning plan for the 10-story building at 5615 Highpoint Dr., vacated by two business units of the New York City-headquartered Verizon Communications Inc. shortly before CW Capital of Washington, DC acquired it from a Dallas investment group. “It’s the largest of the empty buildings in the Las Colinas Office Center,” says Bernard Deaton, senior vice president and director in Dallas/Fort Worth for the Houston-based PM Realty Group.

Deaton says Stauffelbach Design Associates of Dallas made its first presentation to the oversight team just last week. “We are now moving into the pricing stage to determine what it needs to bring the building back up to competitive status,” he tells GlobeSt.com. The preliminary estimate is pushing $2 million, but that is definitely subject to change, he adds.

Verizon spent at least 10 years as the sole tenant in the 22-year-old asset. Despite the structure’s single-tenant features, Deaton says the new owner isn’t going to wait around for one user. In fact, he says, a proposal is out for a 75,000-sf prospect. Kurt Cherry, PM Realty’s vice president of leasing, is handling the tenant search.

“Our business goal is to put this building back into the market,” Deaton says, citing a $15.50 per sf to $16 per sf plus electric rate to open talks. “We’re going to be extremely competitive in leasing this building up.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.