June 03, 2016
DALLAS – Transwestern Development Co. today announces it will break ground in June 2016 on 3400 @ CityLine, a 310,000-square-foot speculative office building. Located at 3400 N. Central Expressway, the Class A building is adjacent to the 183-acre CityLine campus in Richardson, Texas. The five-story project will be developed by a joint venture including a fund advised by the real estate business of UBS Asset Management, Transwestern Development Co. and Malouf Interests and is slated for delivery in mid-2017.
“This project’s proximity to the CityLine restaurants and amenity base, DART, excellent visibility and convenient access make it unique in this market,” said Transwestern Development Co. Managing Director Reid Caldwell. “The building will feature first-class common area finishes, superior planning efficiency and a high parking ratio to meet the varied demands of today’s corporate users.”
The building will feature best-in-class design elements including floor-to-ceiling glass, 10-foot finished ceiling heights and premium common area finishes throughout. The floorplate design allows for efficient, high-density layouts with above-code restroom fixture counts and excess life safety exiting capacity. The property will offer approximately five parking spaces per 1,000 square feet within a secured, multilevel parking structure.
“We look forward to this new addition in Richardson’s Telecom Corridor® area,” said Richardson Mayor Paul Voelker. “There has been tremendous interest in and around the CityLine project, and we are excited to see a company like Transwestern Development Co. attracted to the neighborhood to build a Class A commercial office.”
3400 @ CityLine is situated in close proximity to the Dallas Area Rapid Transit (DART) George Bush station and adjacent to Highway 75 and the George Bush Tollway, providing employees with convenient access from all across the Dallas area.
Tenants will further benefit from multiple on-site amenities. This includes a premium deli and lounge area, fitness center with locker rooms and a 40,000-square-foot exterior courtyard that can be used for building and corporate functions. The building is also situated on Spring Creek, providing direct access to the extensive hike and bike trail system.
Transwestern Managing Director Duane Henley and Principal Nathan Durham are providing leasing services.
“The Richardson/Plano market continues to outperform every other Class A submarket in the Dallas-Fort Worth area, demonstrated by the high demand for quality office space and robust leasing activity,” said Henley. “We are confident that the thoughtful design, superior visibility and access of 3400 @ CityLine will make it a highly sought-after project.”
According to Transwestern research, the Richardson/Plano market currently has more than 706,000 square feet under construction, 76 percent of which is preleased. The existing inventory of Class A office space is currently 90 percent occupied. Last year, the market absorbed 1,520,237 square feet of Class A office space.
Construction financing is being provided by a consortium led by Amegy Bank N.A., a division of Zions Bank N.A., and includes American National Bank of Texas and Commerce Bank, a Missouri bank and trust company. The consultant team includes:
• Architect: BOKA Powell
• Structural consultant: Cardno Haynes Whaley
• Mechanical, electrical and plumbing engineer: DBR
• Civil engineer: Halff & Associates
• Landscape architect: Pacheco Koch
ABOUT TRANSWESTERN DEVELOPMENT COMPANY
Transwestern Development Company is a diversified business with expertise and experience in all commercial property types. The firm executes projects through a variety of venture and contract structures and has been creating commercial landmarks for itself, its partners and valued customers throughout the U.S. since 1978. Transwestern Development Co. operates as a principal, investing capital alongside its institutional equity partners in the development of speculative and build-to-suit projects, and as a fee developer for clients and user-owners. The company has amassed valuable experience in construction, design, sustainability, leasing, acquisitions, finance and asset management. As a member of the Transwestern family of companies, the firm capitalizes on the market insights and operational expertise of its affiliates, which include a diversified real estate services firm with 34 U.S. offices and a real estate investment management company. Please visit transwesterndevelopment.com for more information.