Verizon will soon vacate its Richardson office complex, given that the property was recently acquired by Fort Worth-based firm, Q Real Estate Holdings LLC.
The company, a real estate affiliate of Q Investments, plans to renovate the property and open it for lease to multiple tenants, reports Dallas Business Journal. The telecom company is reportedly planning to remain on the Richardson property until the fourth quarter of 2016. Once Verizon vacates the office complex, Q Real Estate will begin their remodeling project to convert the property.
The Verizon complex is located at 2400 North Glenville within the Galatyn Park Urban Village and includes four buildings that are interconnected to each other. Each building measures 100,000 square feet and has four floors. In total, the buildings will have 388,600 square feet of leaseable space. Surrounding the buildings are landscaped courtyards overlooking a creek, with a greenbelt located on the north side of the structures. The 35.7 acre complex also features a fitness center, conference center, a 15,000 square foot cafeteria and multiple parking spaces.
The Dallas Business Journal report also cited Tommy Ellis, director of Q Real Estate, stating that the Verizon site represents a "terrific opportunity" for the company. In a statement, Ellis added, "With innovation and rapid workforce growth in mind, we want to ensure we provide our tenants a world-class corporate facility."
According to Dallas News, Q Real Estate identified commercial real estate developer, DTZ, to handle the project. Trey Smith, DTZ senior managing director, said the company is "actively marketing the property and chasing all the big deals." Smith added that the buildings have great potential to house new corporate tenants. Both companies are reportedly planning to either lease the entire complex or rent it out to numerous tenants.
The Verizon office complex was built in 1989 and was designed by the award-winning architect HOK. The property is within walking distance from the Galatyn Park commuter rail station.
