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Global Investor Searching for Whale Following Acquisition of Tollway Buildings

The Departure of Fannie Mae and JP Morgan Chase Has Left DFW's Biggest Office Vacancy on the Tollway
April 10, 2018
After closing on International Plaza I and II along the Dallas North Tollway in Dallas, New York City-based Taconic Capital Advisors LP has already begun stepping up to lease the biggest for-lease footprint in the region.

The new ownership group of the two-building office campus hopes to land a whale-of-a-tenant with more than 750,000 square feet of available Class A office space between the two buildings, which were recently vacated by Fannie Mae and JP Morgan Chase. The two office tenants left the buildings to consolidate into major hubs in Plano's Legacy Business Park.

"The buildings were fully leased by JP Morgan Chase and Fannie Mae and now, with the ownership changing hands, we have financially strong ownership and capital advisors," Chris Taylor, an executive managing director at Cushman & Wakefield, told CoStar News.

Taylor, along with his leasing team including Lauren Napper, Matt Schendle and Trey Smith, are overseeing renovations to the office space to make it marketable to would-be tenants. The renovations, including adding dining options and upgrades to the fitness and conference spaces, are expected to begin immediately.

"We want to update the building and provide an amenity base that will attract a large user," Taylor said. "We are working on putting together a full amenity offering similar to a corporate campus."

Taconic Capital closed on the off-market deal on April 5th. Terms were undisclosed.

The 13-story, 351,000-square-foot building, called International Plaza I, at 14201 N. Dallas Parkway in Farmers Branch, was last valued at $58 million, according to the Dallas Central Appraisal District.

The appraisal district last valued the 15-story, 406,000-square-foot building, known as International Plaza II, at 14221 N. Dallas Parkway in Farmers Branch, at $67 million.

The two buildings are connected by a sky bridge. This is the first time the buildings have come available for lease after being developed for their respective tenants in 1999 and 2002, respectively.

Taconic Capital's Andrew Lam, who led the acquisition on behalf of the investment firm, said the two buildings were "a gem that has been hidden in plain sight," and the team is looking forward to reintroducing it back to the market.

For more on the transaction, please see CoStar Comp #4205337.

Candace Carlisle, Dallas-Fort Worth Reporter  CoStar Group   
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