Liberty Mutual's New Plano Towers in Legacy West Have Changed Hands

One of the biggest portions of Plano's $3 billion Legacy West development has changed hands.Liberty Mutual Insurance has quietly purchased its huge high-rise campus in the mixed-use development.The Boston-based insurer acquired the twin tower, 1.1 million square-foot office development on the Dallas North Tollway from developer KDC, deed records show.The acquisition is likely to be one of the largest commercial real estate transactions in North Texas this year.While terms of the deal were not disclosed in deed records, the development had been valued at more than $325 million. The insurance company exercised its option to buy - not lease - the buildings, Collin County records show.The purchase also includes vacant land on the north side of the two buildings which are still under construction that will allow a future expansion of the office campus.Designed by Dallas architect Omniplan, Liberty Mutual's new complex includes two 19-story towers joined by 7-level parking garage.The office center includes a full-service cafeteria and dining facilities, a coffee bar, a health center with physical therapy services and a rooftop garden.More than 4,000 Liberty Mutual workers will start relocating to the Legacy West complex starting later this year.It's located at the north end of the Legacy West Urban Village retail and restaurant center, which opened early this month.Liberty Mutual's buildings are just across the street from the new JPMorgan Chase office campus which will be finished by the end of 2017.Toyota has already begun moving into its 2.2 million square foot headquarters located just up the street.  Continue reading...