IREI – Rubenstein Partners closes first acquisition in Dallas market

Rubenstein Partners has purchased 5600 Headquarters Drive in the Legacy section of Plano, Texas, as its first foray into the growing Dallas MSA.
“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 and 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 square-foot 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).