Jones Lang LaSalle ("JLL") is pleased to exclusively present the opportunity to acquire Collins Square (the "Property" or the "Offering") a four-story, 215,100 square foot office building in the Dallas / Fort Worth Metroplex. The Property, located in Richardson, TX, the largest and most active suburban submarket in Dallas / Fort Worth, benefits from direct access to DFW's major hubs via US-75 (334,000 VPD) and President George Bush Turnpike (164,000 VPD). The Property is 74% leased, of which 65% of the GLA is occupied by Travelers Insurance (NYSE: TRV) through 2030. Travelers saw 2021 annual revenues of $35 billion in revenue, $3.6 billion in net income and a market cap of $44 billion.
- RICHARDSON INNOVATION DISTRICT -
A total labor force of 1.9 million employees and home to both State Farm’s CityLine and the nearby UT Dallas campus, the Telecom Corridor has continued to diversify with healthcare and insurance firms moving into the neighborhood, making Richardson the Innovation District.
- STEM EDUCATION HUB OF DFW -
The area is home to UT Dallas, the 4th largest computer science program in the US and one of the top STEM programs in the nation, making Richardson the STEM education hub of DFW. Employers such as Texas Instruments and Raytheon have been drawn to this location to attract top talent.
- STABLE ASSET WITH UPSIDE OPPORTUNITY -
With the recent renewal of Travelers Insurance, investors have the opportunity to acquire
an asset with a credit rated tenant who is committed to the building. Additional mark-to-market opportunities exist with the near-term expiration of Teledyne Electronics as well as
lease-up of the remaining vacancy of building.
- PREMIER OFFICE RENOVATIONS -
Current ownership has invested over $3.5 million since 2015, with the bulk of the upgrades occurring in 2022 primarily related to the new lobby and café renovations, updated conference room, and brand-new restrooms and corridors.
- UNMATCHED CONNECTIVITY AND ACCESS -
Located between Dallas and Plano, Collins Square provides unmatched accessibility via US-75 and President George Bush Turnpike. The Property also provides tenants with access to five different DART rail stations, more than any other suburban office submarket in DFW.
- PROXIMITY TO NEARBY ATTRACTIONS -
Only 6 minutes south of the $1.5 billion mixed-use development CityLine, the Property offers tenants access to the areas 230,000 SF of restaurants, retail and entertainment. Additionally, tenants benefit from countless restaurant and dining options within the immediate area.