Construction is underway on transformation of 250,000-square-foot building in Legacy submarket, part of the greater Dallas metro
September 2023 – Dallas, TX – 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 that construction has commenced on the planned renovations for 5600 Headquarters Drive, a 250,000-square-foot office building set on a 27-acre campus in Plano, TX, part of the Legacy submarket.
Rubenstein purchased 5600 Headquarters Drive in 2022, which represented the company’s first acquisition in the Dallas market. The property previously served as the headquarters for PepsiCo. Upon its acquisition, Rubenstein announced a capital improvement plan to overhaul the property which included adding new amenities and upgrading the tenant common areas.
Construction has now begun on comprehensive capital improvements that will transform the property into a new headquarters-quality office destination. Rubenstein’s planned interior upgrades are adding a new lobby and entryway, along with a new tenant lounge, coffee bar, and fitness center to the building. Exterior improvements include a brand new entrance façade with improved landscaping as well as the addition of new common area amenities such as a tenant outdoor seating areas and pickleball courts. Dallas based GFF is overseeing the design plans.
“We’re pleased to begin our renovations at 5600 Headquarters Dive, which is modernizing the property and unlocking its full value,” adds Tyler Alley, Rubenstein Partners. “We seized the opportunity to acquire this unique asset last year and our capital improvements and repositioning plans will create an unparalleled office asset for the Dallas market.”
5600 Headquarters Drive consists of three pods connected by multi-level corridors. The well-located property provides easy 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 is within close proximity of DFW Airport, Uptown Dallas, and residential areas to the South (e.g., Park Cities), and North (e.g., Frisco, McKinney). The renovations are expected to be completed by the end of 2023.
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.
About Rubenstein Partners
Rubenstein Partners is a Registered Investment Advisor and Fund Manager for a series of private equity funds focused on equity and debt office investments throughout the United States. The firm is vertically integrated and provides first-class investment services on behalf of its investor base, which consists of some of the nation’s preeminent public and private pension funds, university endowments and family offices. For more information, visit www.rubensteinpartners.com.