$10M-Plus Spec Office Coming to Legacy Park

PLANO, TX-With one year invested into the plan, Holt Lunsford Commercial, with equity backing from Toronto-based SunLife Financial Services of Canada, has started site work for a 61,400-sf, class A office building on a prime 3.5-acre tract in the heart of Legacy Business Park. The three-story boutique building will be ready to occupy in March 2007.

Based on construction costs and design, the all-in development cost will exceed $10 million for the Dallas-based Holt’s one-off project along Parkwood Boulevard. Legacy Pointe’s street level will consist of 8,000 sf of retail space for uses like a title company or residential real estate firm and 60 executive parking spaces; the top two stories will be 30,000-sf floor plates of office suites. The Holt team of John Hoctor and Robert Jimenez will be marketing the Legacy Pointe space at $23.50 per sf plus electric.

Hoctor tells GlobeSt.com that Holt last year bought the tract in an off-market transaction from EDS Corp., picking up an option held by Southwest Corporate Federal Union as an expansion site for its next-door headquarters building. “To find a site inside that park was a unique opportunity for us,” he says.

Hoctor says the planning started out as a value-office development, but swung to class A after realizing the submarket needed “high-quality space with high-quality finish-out” for smaller users. “We believe the type of tenants we’re targeting don’t get out in front of their lease expirations by nine or 10 months,” he says. As a result, the marketing campaign is not into full swing, but soon will be. “We hope to have the building full at completion or soon thereafter,” he says.

O’Brien & Associates Inc. of Dallas designed the building, which will be visible from the Dallas North Tollway and close to Texas 121. Scott & Reid General Contractors Inc. from Addison is building it.