What's Next in the Platinum Corridor
The Platinum Corridor has more than 15 office towers either planned, under construction, or recently opened. It’s the place to be for new developments. (All the celebs want to get their picture taken at a groundbreaking.)
Transwestern central region VP Jo Thompson and principal Randy Garrett specialize in properties along the Platinum Corridor (they've done 1.4M SF of tenant rep assignments in the area). Randy was the guy who coined the phrase in 1997 and even trademarked and copyrighted it. (He's one person that doesn't regret some of the decisions he made in 1997.) The area runs along almost 20 miles of Tollway from LBJ to SH 380 in Frisco (not including Preston or Midway roads). Right now, there are seven towers under construction (1.3M SF), two recently opened (209k SF), and seven proposed (1.3M SF), Randy tells us.
It’s been a high-demand office submarket since 1997; but, now all of the major influences have come together to create a perfect environment, from road construction to city economic incentives. Removing the toll booths improved traffic flow (and people's moods) and the high-quality schools, homes and retail, make it a dynamic place to live and office, Jo says. Most of the seven towers in the works should open this year, Randy says. The good news is that demand for office space in this area is around 6M SF, he says. Most of the properties are spec while some have tenants (but haven’t made announcements) such as the recent lease to Murchison Oil & Gas at Trammell Crow's Legacy Tower.
Even at $24 to $28/SF, it’s still affordable, Randy says. So, who’s in the market for the space? He tells us there are multiple firms looking along the north part of the Platinum Corridor: Realpage (400k SF); Encompass Home Health (150k SF), as is FedEx (just announced a deal on the JC Penney land); Barclay’s (80k SF), and the Ryan Cos (120k SF). Some of those companies are already in the area and others are moving in. Cities like Frisco and Plano are offering great municipal incentives to build there, too, which creates momentum.
Among the projects include Trammell Crow’s Legacy Tower at 7250 North Dallas Pkwy (August opening and a $36+E/SF asking price); Myers and Crow Co’s Dominion Legacy Office Center; and Legacy Business Park at 5151 Headquarters Dr (Primera Cos) with 51k of spec suites at $18.75 net. Names you’ll recognize among the developers: Billingsley Co, Hall Financial Group, Granite Properties, Lincoln Property Co, Haggard/Cawley Partners (pictured is Knoll Trail Plaza by Cawley Partners, Structured Parking, and Hines). When not cruising the corridor, Jo is learning how to play tennis (tossing the ball to her six dogs doesn’t count). Randy likes to travel internationally and has a son getting married in Santa Fe this summer.