Fort Worth-based Q Investments’ real estate arm – Q Real Estate Holdings LLC — has acquired a 388,600-square-foot large office complex in Richardson, part of the city’s Telecom Corridor.
Currently leased by Verizon, 2400 North Glenville was originally built-to-suit in 1989 for MCI by architect HOK. Parts of the complex were remodeled as recently as 2012. The site is strategically located in the heart of Galatyn Park Urban Village, a transit-oriented mixed-use development within Richardson’s Telecom Corridor. Verizon will remain in the property until the fourth quarter of 2016 when Q Real Estate plans to begin renovations to reposition the property for new tenants. DTZ’s Trey Smith, senior managing director, and Clint Madison, managing director, will oversee leasing services for the site. No price for the transaction was released.
Comprised of four interconnected 100,000-square-foot four-story buildings, 2400 North Glenville is one of the largest contiguous blocks of available space in the Dallas market, according to Q Real Estate. Sitting on a 35.7 acre park, the campus features extensive, high-quality on-site amenities, including a 15,000-square-foot cafeteria, conference center and fitness facility. The property is also located within walking distance to DART, multi-family housing, retail and hotels.
“This site represents a terrific opportunity for us,” said Tommy Ellis, director of Q Real Estate. “With innovation and rapid workforce growth in mind, we want to ensure we provide our tenants a world-class corporate campus facility. 2400 North Glenville is the ideal asset to add to our real estate portfolio as we continue to expand our platform.”
Q Real Estate is focused on the office, retail and multifamily sectors and seeks to acquire assets with a total capitalization in the $10 million to $50 million range.