67.6 F
Fort Worth
Friday, September 18, 2020
- Advertisements -
Real Estate Four-story office building under construction in Flower Mound

Four-story office building under construction in Flower Mound

Other News

Exxon’s oil slick

Exxon Mobil is slashing its capital spending budget for 2020 by 30% due to weak demand caused by the COVID-19 pandemic and a market...

Folk music’s Mark Twain: 7 Essential tracks from John Prine,

NEW YORK (AP) — Some people, the songs just come out of them. For nearly half a century, they tumbled out of John Prine...

Tarrant County records another COVID-19 death

Tarrant County Public Health (TCPH) on Wednesday, April 8 reported that a resident of Euless has died as the result of the COVID-19 virus....

Tradition stymied: A year unlike any since WWII for Augusta

The Masters is so intertwined with Augusta, they added an extra day to spring break.You see, the first full week of April isn't just...

Irving-based developer Realty Capital, in partnership with Dallas-based Staubach Capital, has begun construction on Lakeside International Office Center in Flower Mound. The project will include two Class A office buildings: 777 International Parkway, a four-story, 120,000-square-foot office property, and 737 International Parkway, a two-story, 18,000-square-foot office property.

Both buildings will be located just south of the intersection of International Parkway (FM 2499) and Lakeside Parkway and offer large, efficient floorplates and floor-to-ceiling glass. The project is located within a three-minute drive to the north entrance of DFW Airport.

JLL’s Cannon Camp and Chris Doggett will lead the marketing and leasing efforts for the property. Staubach Capital provided the equity financing and First United Bank is providing the debt financing for the project.

“Flower Mound has established itself as an attractive area for new residents and businesses with a growing number of shops, restaurants, entertainment and residential options in the Lakeside mixed-use community,” said Jeff Staubach, founding partner of Staubach Capital. “Lakeside International Office Center will be the first of its kind in this part of the Metroplex, providing a premium office experience with top-of-class amenities.”

JLL also announced today that IntelliCentrics will be the property’s inaugural tenant. The company agreed to a 30,000-square-foot office lease in 777 International Parkway, which will encompass the entire fourth floor of the building.

JLL’s Doug Carignan represented the tenant in the lease negotiation.

“I am extremely excited for IntelliCentrics’ worldwide headquarters to locate in the Lakeside development in Flower Mound, and as a 22-year resident of Flower Mound I feel the vision is perfect for sustained growth benefiting both residents and commercial tenants,” said Mike Sheehan, CEO of IntelliCentrics.

The building was made possible due to the Town of Flower Mound’s commitment to fulfilling their master-plan, which envisions office development along International Parkway at the southern entrance to the town. Their willingness to offer an aggressive incentive package helped Realty Capital obtain the debt financing needed to construct the buildings prior to any tenant commitments being secured.

“The Town of Flower Mound deserves a ton of credit for getting behind this project and making it happen with the 380 Agreement,” said Jimmy Archie, managing director for Realty Capital. “Without the incentive agreement, we wouldn’t have been able to obtain the financing to build the project on a speculative nature. Once we were able to obtain the financing and announce the project to the market, our first tenant showed up to lease a portion of the project prior to us breaking ground.”

“Since the adoption of the Master Plan in 2001, the Town of Flower Mound has envisioned corporate office buildings along International Parkway to serve both as an employment center and a boost to the Town’s commercial tax base,” said Flower Mound Mayor Steve Dixon. “The incentive agreement sends a strong message to the corporate office market that Flower Mound is committed to being a prime location and welcomes them to our community.”

Property amenities will include a tenant lounge, coffee bar, building signage fronting International Parkway, structured parking, nearby quality dining and shopping options, and trail system connecting to The Shops at Lakeside.

The architect for the project is Boka Powell and the general contractor is Muckleroy and Falls. The project is expected to deliver Q3 2020.

- Advertisements -
- Advertisements -

Latest News

Fort Worth home sales up 8.3% in August

Fort Worth home sales increased 8.3-percent from August 2019 to 1,331 homes in August 2020. Fort Worth’s monthly housing inventory was 1.8...

Peloton Land Solutions expands at Cantey Hanger Plaza

 JLL on Sept. 16  announced the negotiation of a new office lease for Peloton Land Solutions, Inc. The Fort Worth-based planning and...

Texas Health’s $300 million expansion project reaches major milestone

The COVID-19 pandemic seems to have changed the pace and schedule of almost everything, but don’t count the largest construction project in...

Greystar plans new 55+ housing in Fort Worth

Greystar Real Estate Partners LLC, a global leader in the investment, development and management of rental housing properties, on Sept. 8 announced...

Large Downtown Fort Worth office building on the market

JLL announced on Sept. 8 that the firm has been retained to market and sell 115 West 7th St., formerly The Oncor...