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Los Angeles-based Regent Properties acquired the former Texas Instruments’ (TI) Spring Creek campus on December 17, 2015, and it didn’t take them long to announce plans for a substantial $120M overhaul.
Time cannot be wasted since potential office tenants are seeking more than seven million square feet of space. Currently, the property has 960,000 square feet and plans for growth are huge.
Regent wants to spice things up with a high-end campus lifestyle that resembles Apple in Austin or other properties with similar features. Reconstruction begins in the next two months at the property located at Legacy Drive and North Central Expressway in Plano. All types of tenants and industries are already showing interest.
Large corporations continue to see Plano as a place to be, which is another reason Regent plans to make the upgrades, and decided that $50 million will be put toward the campus. To support the corporate world, the remainder of the $120 million will be spent on a new hotel, restaurant and retail space that will be called Legacy Central.
The four buildings and fitness center previously owned by TI were built in the 1980s and are extremely in need of upgrades to common areas to improve recruitment efforts of and appeal more to millennial employees. Changes include coffee kiosks, the building facades, overall campus amenities and the property’s landscaping.
Development of mid-rise office buildings on the extra land is a possibility. In total, Regent Property owns 3.7 million square feet of real estate.
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Other plans include building a 150-seat auditorium, a variety of indoor and outdoor conference rooms, a 30,000-square-foot fitness center with yoga rooms, lap swimming pool and tennis court, a 1-mile jogging and biking trail, 4-acre park and a high parking ratio of 5.5 parking spaces per 1,000 square feet of space.
Tenants seeking 25,000 square feet to one million square feet of space are prime candidates and exactly what Regent is looking for.
Texas Instruments is leasing two of the four buildings through 2016 until it transitions its business away from the campus. The initial phase of redevelopment will start in this year’s second quarter, and the remaining phase will start in 2017 after TI leaves the campus.
Regent Properties has worked in North Texas over the past 20 years and is excited for this new project venture in Plano.
For 25 years, Regent has been successful at identifying and implementing a broad spectrum of entrepreneurial real estate transactions. With each investment and development, the firm is committed to fostering honest and straightforward partnerships; maintaining long-term tenant, brokerage, lender, buyer, seller and governmental relationships; introducing innovative development strategies; and demonstrating operational excellence in design, leasing, financing, construction and management.