According to sources familiar with the sale of 5650 AllianceGateway, the Cushman & Wakefield of Texas Inc. investment salesteam had one offer when it asked Hillwood if it wanted to exerciseits refusal right. The financial details aren't available due toTexas' non-disclosure standing, confidentiality pacts andHillwood's internal policy not to discuss price. Any price would bemerely a best guess although it's widely known that the Nokiabuilding has 130,000 sf of top-of-the-line high-tech office space,185,000 sf of production area and 125,000 sf of warehousespace.

Hillwood is under way with a five-million-sf spec industrialprogram to get some ready-to-go space on the ground. The Nokiabuilding eases the pain from a nearly full corporate inventory inthe 17,000-acre AllianceTexas, a mix of Hillwood-owned, user-ownedand institutionally-owned investment-grade office, warehouse anddistribution buildings. A Hillwood spokesman confirms that was thereasoning behind the bricks-and-mortar acquisition while the vacantacreage's return to the land bank "gives us the opportunity todevelop instead of another developer."

With many AllianceTexas tenants in expansion mode, the Hillwoodsource says the ready-to-go space already is being eyed by anexisting tenant who temporarily needs more space. The Nokiabuilding, situated on 29.7 acres, is beside several othersingle-tenant office/warehouses and one multi-tenant structure. Thevacant land has significant frontage along Texas 170, more commonlycalled Alliance Gateway Freeway. Nokia moved out in phases,completing the exit at the beginning of this year.