Part of Ericsson's Plano campus gets new owner
The sign out front says Stark Industries and Wayne Enterprises, but you won't find Iron Man or Batman in this Plano building.
That's because the Legacy business park office campus has been empty since last fall when international telecom company Ericsson moved out.
Now the two-building complex located just south of the $3 billion Legacy West development is up for grabs and set for remodeling by new owners.
"We are looking for one big tenant that would take the whole campus or maybe two or three large ones," said John Brownlee of Peloton Commercial Real Estate, which is marketing the Tennyson Drive property. "It's a fantastic location, and the proximity to Legacy West is a plus."
Built in 2013, the 270,000-square-foot office center was an expansion for Ericsson, which still occupies three nearby buildings.
The twin buildings at Tennyson and Communications Parkway were designed for Ericsson by award-winning architect Gensler. Global cutbacks by the Sweden-based tech firm left them surplus.
"It's like a brand-new building," Brownlee said. "It's modern, has tons of parking and is on a beautiful site."
A few months ago, the Plano buildings sold to Spear Street Capital, a San Francisco-based real estate firm with a track record of repositioning large North Texas office properties.
Spear Street Capital just finished leasing up the former Nortel Networks campus in Richardson's Telecom Corridor, luring major tenants including Steward Heath and Raytheon. And in Plano's Legacy business park, Spear Street bought part of the former Electronic Data Systems campus and leased the buildings to multiple tenants.
"Spear Street loves these kinds of projects," Brownlee said. "Other buyers might have seen this as just two empty buildings, but they saw an opportunity. They wanted an empty building to reposition."
The two four-story former Ericsson buildings are joined by a ground floor structure that includes tenant amenities.
Peloton and Spear Street are moving and expanding the fitness center, adding conference room space and downsizing the food service area.
"With 40 restaurants right up the street at Legacy West, we didn't need as much cafeteria space," Brownlee said.
There are also plans to build an outdoor dining and lounge area on the north side of the building and a covered connector to the parking garage.
Spear Street has hired Dallas architect BOKA Powell to design a third building for the campus. "We can take the project up to 400,000 square feet with that addition," Brownlee said.
CBRE brokered the purchase of the Plano office campus in a simultaneous sale by Ericsson to New York-based U.S. Realty Advisors and then Spear Street.
"Having an all-cash buyer was important to getting the deal done," Brownlee said.
As for the sign out front that says two comic book superheroes are doing business inside, that's just an eye-catcher for potential tenants.
"No, Batman and Iron Man are not in the building," Brownlee said. "But they can be if they lease some office space."
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