LA-based Regent Properties acquired Legacy Central at Legacy Drive and Central Expressway in Plano from Texas Instruments with plans for a $100M rehab starting this spring.
Regent Properties president Eric Fleiss tells us Regent has been working on this deal for a year, assembling a best-in-class project team and working on conceptual designs to create a unique sense of place. TI has owned the site since the 1980s and built the four office buildings and fitness center for its own use. TI will lease back two of the buildings through 2016, finalizing a phase-out from the campus. The first of two phases will start this spring with targeted completion by year-end. Phase 2 (related to TI’s lease-back premises) will start January 2017, with targeted completion in fall 2017. Building interiors will be gutted up front, with interior tenant build-outs occurring pursuant to leasing velocity, Eric tells us. The campus renovation will accommodate office tenants ranging from 25k SF to 1M SF in four existing buildings on 84 acres. Those buildings will be retrofitted while prime, undeveloped land will be readied for complementary uses, such as restaurants, a hotel and retail, as well as additional mid-rise office buildings. The site is entitled for up to 3.7M SF, allowing large office tenants unique expansion opportunities via additional office buildings on a build-to-suit basis. Groundbreaking is planned for Q2 ’16. Transwestern’s Duane Henley and Nathan Durham will be leasing the project.
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