J.C. Penney sells Legacy office campus

The Campus of Legacy West has been sold.

The Campus at Legacy West has been sold, with Dreien Opportunity Partners purchasing the 1.8-million acre office campus and 45.2-plus surrounding acres in Plano’s Legacy Business Park.

J.C. Penney Corp. Inc. sold the property for an undisclosed price. John Alvarado, Russell Ingrum, Gary Carr, Eric Mackey and Robert Hill of CBRE Group Inc. represented the seller, as well as CBRE’s Office Investment Properties team and Jeff Ellerman, Chelby Sanders and Josh White of CBRE’s Advisory & Transaction Services. 

J.C. Penney occupied the property as its global headquarters since its completion in 1992. The firm plans to lease back 1.1 million square feet (about 65 percent of the total property) in a deal negotiated by Ellerman, Sanders and White. Dreien has the option to market more than 680,000 square feet of contiguous space in the Far North Dallas office submarket.

“The long-term cash flow from a Fortune 500 company coupled with the ability to lease up a significant block of world-class office space within the coveted Legacy market presented a highly compelling economic profile,” said Alvarado, senior vice president at CBRE, commenting in a news release.

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“Additionally, with developable land sites within Legacy becoming increasingly scarce, The Campus at Legacy West is truly a generational investment opportunity,” Alvarado said.

The Campus at Legacy West office building boasts three levels flanked by eight office wings on 56.8 acres. It includes two cafeterias, a fitness center, retail, a child care center and two adjacent three-level parking garages, among other features.

Located in Plano along the Dallas North Tollway, Legacy is home to the corporate or regional headquarters for numerous Fortune 500 companies, including Bank of America, Capital One, FedEx, HP, Liberty Mutual, J.C. Penney, Pepsico, and Toyota. The property is also adjacent to Legacy West, a renowned development in North Texas that will increase Legacy’s existing base of first-class amenities, add thousands of new jobs, and further enhance its critical mass of the world’s top companies.