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PLANO, TX-After a seven-year lull in construction, International Business Park is getting another building. The Billingsley Co., with 200 acres in its land bank, is under construction on a $35-million value-office project on a prime freeway-fronting tract in far north Dallas.

The spec project–the 173,382-sf Building XV–is a three-story LEED Silver design by Dallas-based Morrison Seifert Murphy Inc., with Rogers O’Brien Construction Co., also from Dallas, in the driver’s seat for construction. Mesa Design Group, another Dallas firm, is the landscape architect for 6100 W. Plano Pkwy. The shell delivers in September.

The company, led by Lucy Billingsley, last year sold seven of the park’s eight buildings to Argus Realty Investors LP of San Clemente, CA for more than $130 million. Billingsley retained a 103,916-sf office building at 4100 Midway Rd. in Carrollton, the last one that was built in the 300-acre International Business Park. Billingsley’s building is 92% occupied and Argus’ claim is 94%, part of the motivation to add more space, says Trevor Franke, vice president of Dallas-based Peloton Real Estate Partners.

“She’s had it planned for years and decided it’s time to build,” Franke tells GlobeSt.com. “The park has been a huge success, but the market wasn’t ready for more until recently.”

The spec building is being parked at the cross hairs of the Dallas North Tollway and President George Bush Toll Road [Texas 190]. The overall submarket has been a hotbed for office construction for two years, but it’s clear sailing for five miles along the toll roads in both directions in terms of new buildings, particularly value office, according to Franke. He is partnering with Peloton partner T.D. Briggs and associate Aarica Nix for the tenant hunt, using a quote of $23 per sf plus electric as the starting point. “Until you get into Legacy [business park], we’re it for value office,” Franke says, adding the team’s already working a couple deals in its pipeline.

“This intersection of the tollway and 190 is the bull’s eye for North Dallas,” says Joel Pustmueller, also a Peloton partner. “With LBJ Freeway going under construction, that’s only going to be even more highlighted.”

The widening of LBJ Freeway is scheduled to start in 2009, ripping up a major thoroughfare that’s clogged for hours each day. The project is slated to take five years to complete.

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