Dallas Cawley Partners teams up on Richardson building sales and redo
June 5, 2015
By Steve Brown
Real Estate Editor | Dallas Morning News
Dallas-based commercial real estate firm Cawley Partners said it has teamed up with GEM Realty Capital of Chicago to buy and reposition two Richardson office buildings.
The buildings contain about 812,000 square feet and originally housed operations for Nortel Networks.GEM Realty this week bought the 2-building Lakeside Campus office project located on the east side of North Central Expressway north of Campbell Road.
Carrollton-based RealPage Inc. has leased one of the buildings which it will occupy next year.
Cawley Partners said it is working to remodel the buildings and to find tenants for the second, 16-story building that GEM Realty purchased in the Telecom Corridor.
“Lakeside Campus has been a staple in the market since it was built for Nortel in 1991,” developer Bill Cawley said in a statement. “The visibility from Central Expressway already sets it apart, and, once we have completed the building renovations, we believe it will be the nicest Class A building in Richardson.”
RealPage will move almost 1,400 people into the 3-story building in Lakeside Campus. Tim Terrell and Jeff Schweitzer with Stream Realty negotiated the lease with Cawley and Addie Ludwig of Cawley Partners.
Terms of the sale to GEM Realty were not disclosed.
The buildings since 2011 have been owned by Pillar Commercial which sold the properties State Farm Insurance currently occupies most of the 2-building complex with temporary office space while construction is completed on its new campus in the CityLine development at Bush Turnpike and Plano Road.
To read this article on The Dallas Morning News website, please click here