Philadelphia-based Office Property Investment Specialist Completes Purchase of 5600 Headquarters Drive in Plano, Will Reposition and Amenitize 250,000 SF Building
Rubenstein Partners, L.P. (including its affiliates, “Rubenstein”), a vertically integrated real estate investment adviser focused on value-added office property equity and debt opportunities, announced the acquisition of 5600 Headquarters Drive in the Legacy section of Plano, TX as its first foray into the growing Dallas MSA. David Rubenstein, Founder & Senior Managing Principal of Rubenstein, made the announcement.
“Favorable market dynamics have created compelling opportunities in several of the Western and Southern MSAs, including Dallas. We believe that 5600 Headquarters Drive is an exciting step that will engage our vertically integrated platform while taking us beyond our traditional markets,” said David Rubenstein, Founder & Senior Managing Principal of Rubenstein.
5600 Headquarters Drive is a 250,000 square foot office building, consisting of three pods connected by multi-level corridors, situated on a 27-acre site with an ample 5/1,000 SF parking ratio. Rubenstein plans to transform and reposition the property into a modern headquarters-quality destination with improvements including renovation of the main lobby, new wing lobbies, and an upgraded amenities package consisting of new fitness, tenant lounge, conference center, and dining.
“The Legacy micro market location is a magnet for corporate relocations, offering excellent access to a highly educated employee base. We look forward to executing our business plan to modernize this property into a high end, experiential office property to best capitalize on local office demand,” added Read Mortimer, Senior Vice President and Regional Director, Sun Belt at Rubenstein Partners.
The location of 5600 Headquarters Drive provides exceptional access to the primary transportation arteries and desirable residential neighborhoods and schools of Dallas. Located at the intersection of the Dallas North Tollway and Sam Rayburn Tollway, the property has excellent access to DFW Airport, Uptown Dallas, and residential areas to the South (e.g., Park Cities), and North (e.g., Frisco, McKinney).
Campbell Henry and Jake Young of Lincoln Property Company will act as leasing agents for the property.
The building sale was facilitated by Cresa, a tenant advisory firm that exclusively represents space occupiers. In partnership with the previous owner/occupier, Cresa’s Vicki Keenan, Adam Subber, Dan Sullivan, David Stringfield, and Brant Bryan led a robust marketing campaign to highlight the unique advantages of 5600 Headquarters Drive and negotiate a successful sale.
Rubenstein focuses primarily on value-added office property investments that engage its vertically integrated team encompassing acquisitions, finance, construction, architecture, asset management, leasing, and property management. The firm has successfully completed value-added business plans to reposition and modernize urban and suburban office buildings in major U.S. markets.