VanTrust JV Tops Out Office Building at $1.8B Metro Dallas Project
- May 24, 2019
VanTrust Real Estate takes a big step toward completing construction of The Offices Two at Frisco Station with the topping out of the 210,000-square-foot office tower in Frisco, Texas. Offices Two is the second Class A office building to rise at the $1.8 billion mixed-use destination being developed by VanTrust, Hillwood and the Rudman Partnership. Offices Two, with Manhattan Construction onboard as the project’s design-build contractor, is on schedule for a debut in October 2019.
Offices Two stands six stories tall at 6303 Cowboys Way, roughly 25 miles north of downtown Dallas. Designed by HKS Architects, the speculative property will be highly amenitized and a model of future-proofing, with a significant communications and power infrastructure. Cushman & Wakefield will manage the property and is also spearheading marketing and leasing efforts with a team consisting of Clint Madison, John Fancher, Doug Jones and Christy Thelen. Offices Two will join Offices One, which came online in 2017 featuring 230,000 square feet of Class A office space at the 242-acre Frisco Station, one of the first connected communities to be constructed from the ground up in the U.S.
Right location, right time
The timing appears to be right for Offices Two’s introduction, as Frisco is currently one of the most in-demand office submarkets in metropolitan Dallas. The Legacy/Frisco area recorded approximately 602,000 square feet of positive net absorption in the first quarter of 2019, the highest of any submarket in metropolitan Dallas, according to a report by Cushman & Wakefield. Frisco placed either first or second in positive absorption throughout 2018, while many other submarkets posted negative numbers.
Notable activity in the Frisco office sector over the last 12 months includes PGA of America’s decision to relocate its headquarters from Palm Beach County, Fla., to the suburban Dallas town. The professional golfers’ association will build a new 100,000-square-foot global headquarters within a mixed-use community. CORE West, parent company of general contractor CORE Construction, announced last June that it would relocate its headquarters from Phoenix to Frisco. Last February, Keurig Dr Pepper revealed plans to move its home base from Plano, Texas, to a 350,000-square-foot build-to-suit facility at The Star, the 91-acre sports and entertainment district located next door to Frisco Station.