Opus West Kicks Off 224,348-SF Spec Office

IRVING, TX-Opus West Corp. has jump-started a spec plan for two value-office buildings, each 112,174 sf, on 16 acres that it believes is the best development site in Las Colinas. The first twin, with an all-in development cost pushing $18 million, will deliver in November.

The Opus Corporate Center site at 2101 W. John Carpenter Fwy. sits at an elevated hard corner with Royal Lane and Hackberry Creek Country Club covering its back and along Texas 114 with the Las Colinas Urban Center straight ahead on the horizon. “To have value office with those views makes it an attractive option,” says Geoff Meyer, Opus’ real estate development director in Dallas. The development dirt has direct access to both Texas 114 and 161 and close to egresses for Interstate 35 and Texas 183.

“There has been excellent interest in light of the quality of the developer and the product they’re constructing as well as its location,” Jon Altschuler, president of Dallas-based Stream Realty Partners LP, tells GlobeSt.com about the initial preleasing push. “This is the best location.” He and Stream’s senior associate Rebecca Smith are courting tenants with a $22.75 per sf plus electric quote.

Meyer says the three-story twins were designed “to meet the demands we see in the market,” specifically a five per 1,000 sf parking ratio and 38,600-sf floor plates. He says the strategy is build one and market half of the dirt as a build-to-suit site until it’s time to start the sister, which will start to go up when the first building’s leasing campaign hits 50% occupancy. The developer also is convinced it has built-in leverage with the spec plan because “we’re the only ones building in Las Colinas proper,” he points out.