Allen Office Development One Bethany East Is For Sale
The 2-year-old Allen office building known as One Bethany East hit the sales block this month.
Developed by Kaizen Development Partners, the office building is now up for grabs, according to the listing brokerage, JLL.
The five-story office tower is 83% leased, and Kaizen is working on several new leases to guarantee the site will be at least 95% leased by the time the building is sold, JLL said in its sales listing.
The 120K SF office building has 26K SF floor plates, a tenant lounge, a fitness center and a 584-space, four-level parking garage near the site.
Existing office tenants have about 9.6 years remaining on their contracts, JLL noted in its listing. Weighted average triple-net rents inside One Bethany East begin at around $24.19 per SF, with the most recent tenant signing on for $26 per SF triple-net, JLL said.
The property is part of the One Bethany at Watters Creek office park, which already features three office buildings offering 475K SF.
Kaizen Development Partners created the office property, which borders the firm's One Bethany West office building, to meet growing demand for corporate office space in the growing North Dallas suburbs.