FAA to Build $160M HQ; Hines-JP Morgan Venture Buys Computer Associates Building
- Feb 07, 2012
The Federal Aviation Administration plans a $160 million build-to-suit project in Dallas for its southwest regional headquarters.
One of the largest government real estate projects in the United States this year, the 357,214-square-foot structure will be built on 45 acres of land on Hillwood property near Alliance Town Center, according to the Dallas Business Journal. The development is planned to break ground in the spring of 2013.
The project will be managed by the General Services Administration, which plans to select a developer, which would then hire an architect and general contractor. According to the Dallas Business Journal, the GSA expects to award the project by this fall.
In other real estate news, Hines and J P Morgan Asset Management acquired, through a joint venture, the Plaza at Legacy, a seven-story office building in Plano. The 215,499-square-foot asset is formerly known as the Computer Associates Building. According to Hines, the joint venture also acquired a 12-acre parcel of land along Legacy Drive, which could accommodate a 300,000-square-foot build-to-suit project.
Computer Associates continues to call the building at 5465 Legacy Drive home, but the company recently reconfigured its occupancy with a 10-year lease agreement that leaves it with 77,000 square feet of space and the option to expand into an additional 16,000 square feet, as reported by Commercial Property Executive.
The square footage will be reconfigured from the original single-tenant purpose to multi-tenant office use. Plans include upgrading the lobby and common areas as well as adding a deli and fitness and conference centers. These improvements could very well exceed $2 million, the Dallas Business Journal quoted Hines as stating.
Photo credits: www.hines.com