Cadence McShane Construction to move HQ to Plano's One Legacy Circle
Lease boosts building to surprising occupancy level
Original Article: Dallas Business Journal
One Legacy Circle is an office tower located in the Legacy East area of Plano.
Cadence McShane Construction is headed to Plano.
The construction firm has signed a long-term lease for 16,242 square feet at One Legacy Circle, boosting the office building to nearly 90% occupancy. Tenant construction is underway and move-in is expected in next year's first quarter.
The lease is for a new headquarters, according to an announcement from brokers. Cadence McShane is currently based in Addison.
One Legacy Circle is an eight-story office building off the Dallas North Tollway in the Legacy East area of Plano. The new lease and high occupancy rate underscore how workplaces in mixed-use areas, surrounded by amenities, continue to draw strong tenant interest.
Legacy East is within walking distance of the Shops at Legacy, so office workers have access to a variety of restaurants and stores as well as hotels and fitness centers.
Cadence McShane leased more than half of the sixth floor of the 214,110-square-foot One Legacy Circle, according to the announcement. Financial terms of the lease were not disclosed.
Cadence McShane did not respond to a request for comment. The company oversaw construction of more than 1 million square feet delivered in Dallas-Fort Worth in 2023 and earlier this year employed 88, according to Dallas Business Journal research. The firm's projects include the Marconi Communications office building in Irving and The Bowden event center in Keller.
Jared Laake, first vice president of Bradford Commercial Real Estate Services, represented the landlord, which is affiliated with Gildenson Real Estate.
"We obviously had aggressive competition for this lease, but One Legacy Circle won out with the project's superb quality, walkable amenities and well-respected ownership and landlord," Laake said in a statement.
The owner did not expect occupancy at the building to reach the 90% mark for three more years, Laake said. The building, completed in 2008, was purchased last year by a real estate partnership represented by Gildenson, the Dallas Morning News reported. At the time, it was more than 70% leased.
Dallas-based Bradford, which manages and leases more than 20 million square feet, is responsible for leasing at the tower.
Presently, the office building is home to a diverse mix of tenants, including Morgan Stanley Financial Advisors, Bread Financial’s corporate office, software company TBX Employee Benefits and law firm Carstens Allen & Gourley LLP. Built in 2008, One Legacy Circle includes a four-story parking garage, a conference center, an executive boardroom and a tenant lounge.
The landlord plans to renovate the corridors and restrooms on the sixth and second floors of the building. The second floor contains the tower’s remaining vacancy with 24,000 square feet of contiguous space.
Laake said Bradford has received interest for the space from a couple of different groups but could not disclose who.
"The new ownership group is long-term hold oriented, and they're really interested in cash flow, and keeping the building occupied,” Laake said.
Garrison Efird and Steven Blankenship of Newmark Group represented Cadence McShane.
Check out DFW’s biggest office sales of 2023
Original Article: The Real Deal
The DFW office market slowed dramatically in 2023, but investors are still snapping up office space in North Texas.
The area’s most expensive office sale goes to former Phoenix Suns owner Robert Sarver. 3Edgewood Real Estate bought CityLine, a portfolio of commercial office buildings anchored by State Farm Insurance. The buildings in the deal went for $580 million.
Here’s a list of the top ten biggest office sales in Dallas-Fort Worth this year, with data provided by Newmark.
#8: One Legacy Circle, 7500 Dallas Parkway, Plano
Franklin Street Partners sold a Plano office building to a partnership represented by commercial real estate investor and broker Gildenson Real Estate. One Legacy Circle has eight stories and was built in 2008. Franklin Street bought the 214,000-square-foot building in 2011. It’s more than 70 percent leased. Tenants include Morgan Stanley, Bread Financial and TBX Employee Benefits.
The price was not disclosed. Liberty National Bank financed the sale. CBRE’s Russell Ingrum, Jared Chua, Patrick Benoist, Michael Dewey, Matt Murphy and Jennifer Joseph brokered the transaction.
Plano office building sells to local investor
Original Article: The Real Deal
A partnership represented by commercial real estate investor and broker Gildenson Real Estate has purchased a Plano office building from Franklin Street Partners.
The partnership bought the eight-story One Legacy Circle at 7500 Dallas Parkway, the Dallas Morning News reported. Liberty National Bank provided the funding. The price wasn’t disclosed.
CBRE’s Russell Ingrum, Jared Chua, Patrick Benoist, Michael Dewey, Matt Murphy and Jennifer Joseph brokered the transaction.
One Legacy Circle was built in 2008, and Franklin Street had owned the 214,000-square-foot property since 2011. It is more than 70 percent leased by tenants including Morgan Stanley, Bread Financial and TBX Employee Benefits, the outlet said.
The building was valued at $55 million this year by the Dallas Central Appraisal District, and it last sold for almost $54 million.
Gildenson Real Estate also holds the 19-story Merit Tower at 12222 Merit Drive in North Dallas.
Plano tower trade becomes second recent office sale in Dallas-Fort Worth
Original Article: Story by Steve Brown, The Dallas Morning News
A Plano tower that just sold is now the second high-profile Dallas-area office sale in the last week.
The purchase of the One Legacy Circle office high-rise in West Plano’s Legacy business park comes at a time when few office buildings are changing hands.
The eight-story, more than 214,000-square-foot property on the Dallas North Tollway was built in 2008. It’s more than 70% leased to tenants including Morgan Stanley, Bread Financial and TBX Employee Benefits.
The building was sold by Franklin Street Partners to a real estate partnership represented by Dallas’ Gildenson Real Estate. Franklin Street owned the property since 2011.
Terms of the sale were not disclosed. The tower is valued for property taxes at more than $55 million. Oklahoma-based Liberty National Bank provided the financing. The building last sold for almost $54 million.
Gildenson Real Estate was founded in 2017 by Mexico City-born businessman Eduardo Gildenson, who has handled both residential and commercial transactions.
The investment firm also has the 19-story Merit Tower near U.S. Highway 75 in the Park Central development.
CBRE Group marketed the One Legacy Circle building for sale. Russell Ingrum, Jared Chua, Patrick Benoist, Michael Dewey, Matt Murphy and Jennifer Joseph handled the transaction.
The Plano tower sale comes a week after downtown Dallas’ 1.2 million-square-foot Plaza of the Americas office and retail complex changed hands. The two-tower office complex with a retail atrium is the largest such transaction so far this year in North Texas.
Office building sales have slowed this year because of high interest rates and a leasing slowdown. Through the first three quarters of 2023, about $1.2 billion in D-FW office buildings had been purchased by investors.
Gildenson Real Estate's acquisition of One Legacy Circle in Plano, TX
Original Article: BISNOW/BISWIRE Dallas-Fort Worth
Gildenson Real Estate, headed by Eduardo Gildenson, has successfully represented an out-of-town buyer in the acquisition of a remarkable property - One Legacy Circle. Situated within a stone's throw of the prestigious Shops at Legacy and conveniently located across the Tollway from Legacy West, the 214,110 square feet class AA property boasts one of the best locations in the area in a truly walkable mixed-use environment.
Gildenson Real Estate will be managing this trophy asset in-house. With a group of experts in command, you can trust that this property will be in great hands. Leading the charge is industry expert Edgar Lizarazu, whose expertise in property management will ensure that One Legacy Circle remains in top-notch condition and delivers a superior office experience.
Additionally, Bradford Real Estate will be handling the leasing efforts for this exceptional property, with the experienced Jared Laake at the helm. This collaboration between Gildenson Real Estate and Bradford Real Estate promises to provide a top-notch experience for current and future tenants.
Lease roundup: Quest takes space at One Biscayne Tower & more
Tenants also leased offices in Coral Gables, plus a gym took space in south Miami-Dade County
Original Article: The Real Deal
Renuity, Heise Suarez Melville, others I 2990 Ponce I Coral Gables
Six months after purchasing the 2990 Ponce building in Coral Gables, BEA Equities and Gildenson Real Estate have secured 45,000 square feet of leases in seven deals.
Home improvement firm Renuity took 22,000 square feet; law firm Heise Suarez Melville took 8,000 square feet; Fat Tuesday took 4,700 square feet; Altermark took 1,000 square feet; TCG Advisors took 1,300 square feet; and AJP Ventures took 1,700 square feet, according to a news release from the landlord’s broker. Real estate investment and development firm Mas Investment Group renewed its 6,000-square-foot lease.
All tenants have moved in except for Renuity, which will open its office next month.
Kevin Gonzalez and Jake Freeman of Colliers represented the landlords.
Mexico City-based BEA and Dallas-based Gildenson bought the six-story building at 2990 Ponce de Leon Boulevard for $24.7 million in March. AJP managed the property.
Benjamin Cojab is CEO of BEA Equities. Eduardo Gildenson is president of Gildenson Real Estate.
TA Realty sells Coral Gables office building to Mexican buyers for $25M
The building at 2990 Ponce de Leon Boulevard sold for $720K below previous purchase price in 2014
Original Article: The Real Deal
In a $24.7 million deal, TA Realty cashed out of a class A office building in Coral Gables.
An entity managed by Mexican real estate investors Benjamin Cojab and Eduardo Gildenson bought the six-story building at 2990 Ponce de Leon Boulevard, according to records. Cojab is CEO of Mexico City-based real estate investment firm BEA Equities. Gildenson, who is also Mexican, is president of Dallas-based Gildenson Real Estate.
Their entity paid $383 a square foot for the 64,407-square-foot building completed in 2012. The buyer took out a $12.4 million loan from Apollo Bank to finance the purchase, records show.
Another BEA Equities entity bought Related Group’s former downtown Miami headquarters for $24.1 million last year.
Despite a bullish office market in Coral Gables, an affiliate of Boston-based TA Realty sold the 2990 Ponce de Leon property for $720,000 below its $25.5 million purchase price in 2014, records show. The site is across the street from the massive mixed-use project, The Plaza Coral Gables, being developed by Agave Holdings.
The 2990 Ponce de Leon Boulevard building has 57,790 square feet for offices, 6,617 square feet of ground-floor retail and a 6,000-square-foot rooftop lounge, according to an online listing. A FirstBank Florida branch occupies part of the ground floor, and office tenants include Zubi Advertising, boutique developer AJP Ventures and private investment firm Mas Group, led by Miami businessman Juan Carlos Mas.
Mas Group and TAZ Partners LLC, a real estate investment fund created by the Zubizarreta family, co-developed the 2990 Ponce de Leon office building, records show.
Investors are hot for Coral Gables office properties. Earlier this month, A Delaware entity tied to Miami-based Westside Capital Group paid $14 million for an office building at 2000 Ponce de Leon Boulevard. And last month, Constellation Group, also based in Miami, bought two single-story office buildings 4225 Ponce De Leon Boulevard and 4311 Ponce De Leon Boulevard for $10 million. Constellation plans to redevelop the contiguous properties into a six-story office building with two levels of parking.
Merit Tower Ownership transitions towards in-house Management and Leasing Operations with Gildenson Real Estate
After nearly a decade of management and leasing the property through different local companies, the out-of-state ownership has decided to establish an in-house operation at the 19-story office tower located at 12222 Merit Drive. Operations will continue with the successful team under the leadership of Eduardo Gildenson, Krystal Zahniser, and the addition of Edgar Lizarazu to the team.
DFW’s Largest Office and Industrial Deals of 2019
Original Article: D Magazine
Each week, D CEO’s real estate news site publishes a roundup of commercial real estate leases and sales across all sectors. For the Real Estate Annual, we pulled together the top office and industrial transactions from the past 12 months and ranked them from largest to smallest. In addition to our own reporting, we also invited area firms to submit their deals. Paging through a year’s worth of activity provides an illuminating look at the strength of the market—and the many different companies that are growing in North Texas. Leases and sales in our Deal Ticker closed between Nov. 15, 2018, and Nov. 15, 2019. To submit your transactions for future coverage, please email Real Estate Editor Bianca R. Montes.
DFW’s Largest Office Deals
International Risk Management Institute
Size: 43,977 square feet
Location: 12222 Merit Drive, Dallas
Tenant Rep: John Beach Jr. of Newmark Knight Frank
Landlord: LLL Four Forest
Leasing Agent: Eduardo Gildenson of Bradford Commercial Real Estate