The 4-building Galatyn Commons office campus in Richardson is being renovated following State Farm’s move to its new buildings. (Cushman & Wakefield)
Investors that purchased one of the Telecom Corridor’s largest office campuses plan a multi-million dollar redo of the property to attract new business.
The 4-building Galatyn Commons office buildings located east of North Central Expressway until recently housed thousands of State Farm Insurance employees.
But with the completion of State Farm’s new campus on Bush Turnpike, the bulk of the property is now empty.
California-based Spear Street Capital – which bought the 800,000-square-foot office project at 1011 Galatyn Parkway in 2014 – is working with Cushman & Wakefield and Peloton Commercial Real Estate on an ambitious redevelopment plan for the property.
Renovations expand parking garages, and add a conference center and outdoor plaza and entertainment areas to the office campus.
Interior building lobbies will be remodeled along with food service facilities.
About 600,000 square feet of office space is being put on the market for new tenants – one of the largest such blocks of first-class business space in North Texas.
Chris Taylor of Cushman & Wakefield and Peloton’s Russ Johnson handle property leasing.
“Spear Street Capital’s investment in the full scale redevelopment of Galatyn Commons represents its ongoing commitment to providing its tenants with state-of-the art facilities and an environment necessary to attract and retain employees,” said Taylor.
The buildings – which originally housed operations for Nortel Networks – were constructed between 1997 and 2000.
Bank of America occupies a large space in one of the buildings.
Construction is underway and expected to be complete this spring.
“The new Galatyn Commons amenity package will provide the on-site amenities that corporate America is looking to provide employees,” said Johnson of Peloton Commercial Real Estate.
Spear Street Capital is a real estate company with more than $3 billion in property nationwide. The company has been in business since 2001.