Your browser is unsupported on our website. Please update to the latest version of your browser. Thank you!
  • Why Richardson
  • About Us
  • Contact Us
  • Japanese
  • Chinese
  • Korean
  • Spanish
  • French
  • German
  • Hebrew
(972) 792-2800
Report Builder
  • Living and Working In Richardson
    • Living and Working In Richardson
    • Arts and Culture
    • Climate
    • Cost of Living
    • Healthcare
    • Housing
    • Recreation and Entertainment
  • Entrepreneurship & Small Business
    • Entrepreneurship & Small Business
    • Entrepreneurial Resources
      • Richardson Small Business Resource Guide
      • Richardson EDP Services
      • Richardson Ecosystem for Entrepreneurs
      • Startup Resources
    • Local Purchasing Offices
  • Site Selection
    • Site Selection
    • Business Climate
    • Expansion/Relocation Assistance
    • Incentives
      • Local Incentives
      • State Incentives
    • Industry Clusters
      • Software
      • Financial Services
      • HQ
      • Telecom
      • Semiconductor
      • Defense and Aerospace
      • R&D
    • Real Estate Market Overview
    • Incentive Application
  • Community Data
    • Community Data
    • Community Profile
    • Demographics
    • Education
    • Transportation
    • Government
    • Tax Rates
    • Utilities
    • Workforce
    • Major Employers
    • Retail Development
    • Map Room
  • International
    • International
    • International Soft Landing Services
    • International Business Alliances
    • Export Assistance
    • International FAQs
    • International News and Events
    • Why Richardson
      • Japanese
      • Chinese
      • Korean
      • Spanish
      • French
      • German
      • Hebrew
    • Videos & Resource Materials
    • Why Texas
    • International Companies
  • Media Room
    • Media Room
    • News and Press Releases
    • Videos
    • Success Stories
  • Why Richardson
  • About Us
    • About Us
    • How We Help
    • Staff Profiles
    • Investors
    • Richardson EDGE
    • Jobs
    • Blog
    • #RealRichardson
    • US Ignite
    • FAQs
  • Contact Us
You are here:
  1. Home
  2. Media Room
  3. News and Press Releases
  4. Richardson's Telecom Corridor lands some of North Texas' biggest office deals in 2018

Richardson's Telecom Corridor lands some of North Texas' biggest office deals in 2018

December 14, 2018
Richardson's Telecom Corridor has been one of the hottest office markets in North Texas this year.
 
Three years ago, when State Farm Insurance moved into its huge new campus at the CityLine development on Bush Turnpike, the insurer left behind about a million square feet of empty offices in a handful of nearby buildings.
 
Other corporate moves out of the Telecom Corridor added to the vacant space.
 
But almost 750,000 square feet of major leases this year have gobbled up a lot of the surplus office inventory in Richardson.
 
Steward Health, Goldman Sachs, Genpact, Infosys, Raytheon and other companies have recently taken large blocks of space in the Telecom Corridor.
 
"We have seen a lot of positive things in the market, and there is more to come," said Clint Madison of Cushman & Wakefield. "Richardson has had a good year."
 
Madison and Trey Smith are leasing the 2400 N. Glenville office center, a four-building campus just east of North Central Expressway.
 
The 400,000-square-foot complex until recently housed operations for telecom firm Verizon. In 2015, Fort Worth-based Q Real Estate Holdings LLC bought the buildings and remodeled them for new tenants.
 
More than 75 percent of the project is now leased to tenants including Insurica, CalAmp, BAL Global and Infosys.
 
"The type of tenants we have seen are just not all tech," Madison said. "We are getting a pretty good diversity."
 
To land the new leases, Q Real Estate redid the campus' lobby areas, adding lounges, conference centers and other amenities for workers.
 
On the lower level, an outside plaza area got a total makeover, and a new fitness facility and training center were built. The food service area also got a redo.
 
"We spent a lot of money," said Tommy Ellis, director of Q Real Estate. "The building infrastructure systems were old and tired and at an end of their useful life."
 
We added a lot of amenities that you have to have to compete today."
 
Affordable space
 
Even with the renovations, Ellis said his project can offer more affordable workspaces than newer buildings in Plano and Frisco.
 
 Steward Health Care leased 300,000 square feet of office space in Richardson's Galatyn Commons campus. (Shaban Athuman/Staff Photographer)
 
"Richardson is not up to the Legacy business park price point," he said. "We can offer higher-end back office space to tenants who are price-sensitive."
 
The Richardson buildings that have had the most success attracting new tenants are properties that have gotten a reboot, said John Jacobs of Richardson's Economic Development Partnership.
 
"Every single one of the buildings that has leased up was refurbished," Jacobs said. 'That's been key to getting them leased — the owners invested in their properties.
 
"We saw where tenants paid more to be in those buildings."
 
That's been true at Galatyn Commons, an 800,000-square-foot Richardson office campus that was home to one of State Farm's previous locations.
 
Before the insurance company moved out, California-based Spear Street Capital acquired the four-building project and did a multimillion-dollar renovation.
 
Galatyn Commons signed major leases this year with Steward Health, Raytheon and Goldman Sachs. In 2017, the project landed the large headquarters for Service King Collision Repair Centers.
 
 
 
 
 "We are now 100 percent occupied," said Russ Johnson of Peloton Commercial Real Estate, which is one of the leasing agents for the building. "Spear Street did a great job of renovating the property and adding amenities, and it works.
 
"Richardson is now on the map for bigger companies and corporations to consider," Johnson said. "It's being recognized that there is a great workforce in the area."
 
The two-building Lakeside office campus in Richardson, which was acquired in 2015 by Dallas' Cawley Partners and GEM Realty Capital of Chicago, is also filling up.
 
Built originally to house telecom firm Nortel Networks, the buildings are now home to apartment industry firm RealPage and other tenants and are 73 percent leased, according to developer Bill Cawley.
 
Space to fill
 
Even with the successes, Richardson still has big blocks of empty office space left to fill.
 
Tech firm Samsung is moving its operations to Plano and will leave behind a large vacant Telecom Corridor building.
 
And developer KDC is still hunting a tenant for the 140,000-square-foot 2323 Central office campus it has remodeled on the west side of U.S. Highway 75.
 
"There is still a ways to go," said Jacobs. "I'm surprised we aren't leasing more."It's been a very good year for Richardson," he said. "We are pleased not only with the quantity but the quality of the tenants we have gotten."
 
 
To read this article on The Dallas Morning News website, click here. 
 
Back To News and Press Releases
Keep in Touch With Richardson!
Required
RequiredInvalid email.
Sign me up!
About Richardson EDP and The Telecom Corridor
Richardson, Texas is a vibrant and diversified business community, strategically located in one of the brightest economic regions in the world the Dallas/Fort Worth Metroplex. Whether your company seeks the latest technological breakthrough, provides the highest level of financial service or thrives upon the synergy of a great business and research university, Richardson is where excellence is the expectation.
Richardson Economic Development Partnership
411 Belle Grove Dr., Richardson, TX 75080
Phone: (972) 792-2800
Email: info@telecomcorridor.com
  • Living and Working In Richardson
    • Living and Working In Richardson
    • Arts and Culture
    • Climate
    • Cost of Living
    • Healthcare
    • Housing
    • Recreation and Entertainment
  • Entrepreneurship & Small Business
    • Entrepreneurship & Small Business
    • Entrepreneurial Resources
      • Richardson Small Business Resource Guide
      • Richardson EDP Services
      • Richardson Ecosystem for Entrepreneurs
      • Startup Resources
    • Local Purchasing Offices
  • Site Selection
    • Site Selection
    • Business Climate
    • Expansion/Relocation Assistance
    • Incentives
      • Local Incentives
      • State Incentives
    • Industry Clusters
      • Software
      • Financial Services
      • HQ
      • Telecom
      • Semiconductor
      • Defense and Aerospace
      • R&D
    • Real Estate Market Overview
    • Incentive Application
  • Community Data
    • Community Data
    • Community Profile
    • Demographics
    • Education
    • Transportation
    • Government
    • Tax Rates
    • Utilities
    • Workforce
    • Major Employers
    • Retail Development
    • Map Room
  • International
    • International
    • International Soft Landing Services
    • International Business Alliances
    • Export Assistance
    • International FAQs
    • International News and Events
    • Why Richardson
      • Japanese
      • Chinese
      • Korean
      • Spanish
      • French
      • German
      • Hebrew
    • Videos & Resource Materials
    • Why Texas
    • International Companies
  • Media Room
    • Media Room
    • News and Press Releases
    • Videos
    • Success Stories
  • Why Richardson
  • About Us
    • About Us
    • How We Help
    • Staff Profiles
    • Investors
    • Richardson EDGE
    • Jobs
    • Blog
    • #RealRichardson
    • US Ignite
    • FAQs
  • Contact Us
  • Home
  • Search
  • Report Builder
  • Privacy
  • Sitemap
© 2021 Richardson Economic Development Partnership