Noble Investment Group Acquires The Richardson Hotel
and
Announces Plans to Convert Upscale Asset to a 342-room Hyatt Regency North Dallas-Richardson
On November 28, 2007, privately held Noble Investment Group of Atlanta, Georgia, announced the acquisition of The Richardson Hotel from national real estate firm, Lowe Enterprises. Noble will invest $6.4 million in a property improvement plan which follows Lowe’s $8 million capital investment in the property in 2006. Noble plans to convert this prominent asset to a Hyatt Regency brand to serve the technology and telecom-rich corridor in Richardson and the North Texas area.
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Richardson Class A Office Data (3rd Quarter 2007)
| Number of Buildings |
29 |
| Total Inventory |
5,284,237 SF |
| SF Leased |
4,922,740 SF |
| Occupancy Rate |
90% |
| Vacancy Rate |
10% |
| Average Rent |
$23.09 SF/yr |
Source: CoStar |
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"Spec" Office Development Returns to Richardson
When office construction in the Telecom Corridor® area, came to a halt in mid-2002, no one knew how long it would be until market forces would stimulate a resumption of activity. Now we know: After five years, a new round of office  construction has definitely come back to the Telecom Corridor, led by a diversification of the Richardson tenant base.
The bottom of the market for Richardson’s inventory of 14+ million square feet of office space occurred in the 4th quarter of 2003, when office vacancies soared to 28.2%. Since that time, a gradual but steady recovery has been underway that has reduced the overall office vacancy rate to 17% and boosted average full service lease rates from $16.69/SF to $17.81/SF.
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REDP
News and Trends
- Blue Cross Blue Shield of Texas Breaks Ground on New Richardson HQ Campus
More >>
- The Richardson Hotel to Become a Hyatt Regency Hotel
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- Richardson's SNR Labs Receives a $750,000 Texas Emerging Technology Fund Award
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- DeVryUniversity Relocates to Richardson to Meet Growing Student Demand
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REDP
Relocation & Expansion News
- Richardson 2007 Expansions, Relocations and Start-Ups
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- Business Expansion, Relocation at a Brisk Pace in 2007 More >>
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Retail
Updates
- Richardson Retail Redevelopment More >>
- Richardson Restaurant Update More >>
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