Philadelphia-based Equus Capital Partners Ltd. announced Jan. 2 that an affiliate completed the acquisition of a 207,834 square-foot Class A office building in the Legacy Town Center in Plano.
The acquisition was made on behalf of Equus Investment Partnership XI L.P., a fully discretionary value-add equity fund managed by Equus, which opened for investment in July 2018. The property was 40 percent leased at the time of acquisition. In a news release, Equus said the property benefits from its amenity rich location that is within walking distance of retail, dining, and entertainment options at The Shops at Legacy and Legacy West, two mixed use destinations consist of over 600,000 square-feet of experiential and service-oriented retail, over 3,000 apartment units, over six million square-feet of office, and five hotels.
The eight-story Class A office building is situated on a highly visible 4.64-acre site adjacent to the North Dallas Tollway and Tennyson Parkway. The building was built in 2006 and is LEED Gold certified. The 26,988 square-foot floor plates and central core allow for efficient single or multi-tenant layouts. The property also includes a four-story parking garage, which can be accessed from the building by a covered walkway at the ground level, as well as surface parking for a combined parking ratio of 4.1 spaces per 1,000 square-feet. Equus said the firm will begin a multi-million-dollar repositioning program to modernize the building to meet the demands of the current marketplace via an upgraded lobby, fitness center addition and multiple tenant lounges and collaboration areas In addition to the repositioning efforts, the property will be rebranded as Gateway at Legacy. “The Gateway at Legacy transaction provides the opportunity to acquire a best-in-class office asset located within the highly desirable Legacy Town Center. With a planned multi-million-dollar capital improvement program, including the addition of a modern amenity package, our goal is to reintroduce the property to the marketplace as a top-tier first class office building in terms of functionality and operational efficiency,” said Kyle Turner, vice president – Director of Investments of Equus, who along with Scott Miller, associate of Equus, oversaw the acquisition for the firm.