Huge Telecom Corridor Campus Hits the Market in Richardson

A Richardson office campus that's been one of the biggest turnaround stories in the Dallas real estate market is up for grabs. The Galatyn Commons office project has four buildings with almost 800,000 square feet of space. In 2014, San Francisco-based Spear Street Capital bought the project located just east of North Central Expressway. At the time, much of the property was vacant. Spear Street spent more than $40 million to revamp the old business complex, which had housed temporary office space for State Farm Insurance. The buildings were constructed between 1997 and 2000 for telecom firm Nortel Networks. Spear Street renovated the campus with additional parking, added a conference center and outdoor plaza and entertainment areas. With the project almost fully leased, Spear Street has decided to sell three of the big buildings on Glenville Drive and Galatyn Parkway. Holiday Fenoglio Fowler LP is marketing the properties. Tenants in the buildings include Goldman Sachs, Steward Healthcare, Service King and Raytheon. Cushman & Wakefield and Peloton Commercial Real Estate leased the property. Spear Street is keeping a fourth building which is fully leased to Bank of America. "Galatyn Commons presents a rare and coveted opportunity to make a scalable investment in a stabilized campus located in the core of one of North Dallas' most successful mixed- use environments," HFF says in marketing materials for the property.The Telecom Corridor office campus is just the latest in a series of high-profile properties to recently hit the market in North Texas. The potential building sales represent one of the largest offerings of investment real estate available for purchase at one time in Dallas-Fort Worth.Spear Street a track record of buying an renovating North Texas office projects.The investor bought part of the former Electronic Data Systems campus in Plano and leased the buildings to multiple tenants.And Spear Street is currently revamping part of Ericsson's Plano campus in Legacy business park to attract new tenants.  Continue reading...