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Empty Bldg = Big Plans; Deal Sheet

Dallas-Ft. Worth
Empty Bldg = Big Plans; Deal Sheet
Spire Realty Group purchased the completely vacant 203k SF building at 500 E. John Carpenter Freeway in Irving as part of a plan to acquire many large office projects over the next couple of years, prez Caleb Smith says. This is Spire's second acquisition of the year (after the 400k SF Chase Tower in Austin's CBD).
 
500 E. John Carpenter Freeway
The Class A office space (at the intersection of Highway 114 and Rochelle Drive) and a 3.2-acre tract of land adjacent to the property were part of the deal. The asset has historically been single-tenant, but is undergoing extensive renovations (rumors tag it at more than $4M) including the complete replacement of all mechanical components. Peloton Commercial Real Estate will be the leasing firm and partner T.D. Briggs says Las Colinas is seeing a dramatic increase in leasing activity. With the improvements, the property should be positioned to “out-perform the market.”