Twin-tower campus offers the largest block of Class A office space in the region.
DALLAS, April 9, 2018 – One of the most notable office developments on the lower Dallas North Tollway has a new owner. Global investment firm Taconic Capital Advisors L.P. has acquired International Plaza I & II, a striking twin-tower campus totaling 757,000 square feet. The off-market purchase closed April 5th.
Designed by HKS Inc., the International Plaza I & II towers were developed in 1999 and 2002, respectively. The buildings have been occupied from the get-go by JPMorgan Chase and Fannie Mae. Both companies recently moved to new campuses in Plano, leaving available the largest block of Class A office space in the Dallas-Fort Worth region.
International Plaza is Taconic Capital’s first acquisition in North Texas. Founded in 1999, the privately held firm has offices in New York, London, and Hong Kong. Andrew Lam, who led the acquisition, said Taconic was attracted to the asset for a number of reasons.
“International Plaza is an institutional-grade, Class A office complex, with great visibility right off the lower tollway,” he said. “We are impressed by its timeless appeal, high-quality construction, campus-like environment, unmatched parking, and efficient floorplates. It offers the most available contiguous Class A office space in the entire MSA. Combine that with the continued expansion and diversity of the Dallas economy, and the area’s strong job sector—you have a once-in-a-generation opportunity.”
The 13-story International Plaza I (14201 N. Dallas Pkwy., Farmers Branch) totals 351,000 rentable square feet and is connected by a sky-bridge to the 15-story International Plaza II (14221 N. Dallas Pkwy.), which totals 406,000 square feet. Because both have been fully occupied since they were developed, this is the first time other tenants will have the chance to lease space in the buildings.
“International Plaza I & II is a gem that has been hidden in plain sight,” Lam said. “We’re excited to reintroduce this iconic asset back into such an active market—it has enormous potential.”
Although the property has been exceptionally maintained, Taconic Capital plans to invest significant capital to make upgrades at the campus and add numerous amenities. The company selected Cushman & Wakefield to oversee leasing, property management, and related services.
Ran Holman, Managing Principal of the real estate firm’s Dallas office, said the partnership with Taconic leverages the strength of C&W’s multi-pronged platform. “We are constantly looking for ways to provide services specific to a client’s needs,” he said. “For this particular opportunity, we brought a powerful leasing team and flanked them with our excellent property management, project and development services, capital markets, and marketing and PR groups. All were unified with the single objective of seamlessly creating solutions for Taconic.”
Lauren Napper, Matt Schendle, Trey Smith, and Chris Taylor of Cushman & Wakefield will head up leasing efforts at International Plaza I & II. The group plans to target large transactions.
“We have more than 750,000 square feet of existing Class A office space available in one contiguous block, which is unheard of in this market,” said Taylor, Executive Managing Director. “We will be pursuing large corporate users that want to be in a prestigious, Class A facility with multiple amenities and a great location at below build-to-suit pricing.”
International Plaza I & II provides robust technological infrastructure, with dual-feed electric and a raised-floor environment throughout the campus. Redevelopment plans call for significant upgrades to the fitness and conference centers, enhanced and increased dining options, and a reinvention of the project’s expansive outdoor space.
Taylor said Dallas-Fort Worth continues to benefit from both corporate expansions and organic growth. He anticipates solid demand and says the strength of Taconic Capital gives International Plaza I & II a boost.
“Having a well-funded owner creates clarity and sends a strong message with regard to the tenant improvements and broker commissions necessary to support lease-up of the property,” Taylor said. “We’re eager to begin marketing the campus, particularly with the number of big deals in the market right now.”
About Taconic Capital Advisors
Taconic Capital Advisors L.P. is a global institutional investment firm founded in 1999 by former Goldman Sachs partners Frank Brosens and Ken Brody. Taconic pursues an event-driven, multi-strategy investment approach dedicated to generating strong risk-adjusted returns with an emphasis on capital preservation. The firm has offices in New York, London and Hong Kong with over 38 investment professionals, including 9 investing principals who average 14 years of investment experience at Taconic and 76 business function professionals across legal/compliance, finance, operations, technology, and investor relations.
Taconic’s commercial real estate business is managed by James Jordan and Jon Jachman and focuses on sourcing value-add opportunities through non-traditional, off-market processes. Leveraging its diverse network of relationships with CMBS special servicers, lenders and local operating partners, Taconic seeks to generate attractive risk-adjusted returns through the strategic repositioning and re-introduction of well-located real estate assets.
For more information about Taconic Capital Advisors L.P., visit www.taconiccap.com.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.