real estate drawbridge entered the Dallas-Fort Worth market with the acquisition of HQ53, a newly constructed office building totaling 248,661 square feet in Plano, Texas. Cawley Partners sold the asset, which is fully leased to Aimbridge Inn.
Newmark represented the seller in the transaction, while Provident life insurance company. facilitated the deal with an $84.9 million acquisition loan, according to Collin County records.
Newmark’s team leading the layout included vice presidents Chris Murphy, Gary Carr and Robert Hill as well as manager Chase Tagen. The same brokers facilitated the sale of One Preston Center, a 77,000 square foot office building in Dallas’ Preston Hollow submarket earlier this year.
A Class A office building in Plano
Even before Cawley Partners opened HQ53 in 2019, Aimbridge Hospitality agreed to occupy 75,000 square feet of Class A office space for its hotel support teams. A year later, the tenant extended its lease to encompass the entire building, opting to move its head office to HQ53.
The developer financed the construction with a $62 million loan issued by First United Bank and Trust Co., according to data from CommercialEdge. Conceived by BOKA Powellthe five-story property has 10-foot windows, wood-slat ceilings, exposed columns, and polished concrete floors.
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Completed in 2021 on more than 9 acres at 5301 Headquarters Drive, the office building features 50,000 square foot floor plates, a two-story lobby, outdoor meeting spaces, a fitness center form, a conference room, a patio on the ground floor, bicycle storage and charging stations for electric vehicles. The property also includes a four-story parking structure with a ratio of 5.2 spaces per 1,000 square feet.
HQ53 is approximately 10 miles northwest of downtown Plano in the Platinum Corridor North submarket. The location is less than a mile from the former 250,000 square foot PepsiCo campus which changed hands in April; the case marked Rubenstein Partners entry into the city office market.
Recently, Doosan Robotics Inc., a South Korean technology company, has announced plans to establish a presence in the United States, opting for 7950 Legacy Drive about 3 km away. The property will house Doosan Robotics Americas, the cobot provider’s new business unit.