KONE Lease Kicks Off Development of 22.5-Acre Office Park in Allen
- May 29, 2014
Houston-based Sentinel Capital has landed global elevator and escalator company KONE as lead tenant of the $26 million first phase of AllenPlace, a 22.5-acre master-planned office park in Allen.
A joint venture of Sentinel Capital LLC, Centra Partners LLC and Triad Real Estate, the premier development will ultimately include 700,000 square feet of Class A office space in five buildings. It will be located along North Central Expressway’s east side, between West Bethany and West McDermott drives. Goulas + Associates Inc. of Houston serves as project architect. Among a series of upscale amenities, the complex will feature passive solar screens, concierge drop-off, energy-efficient glass, interactive technology, a campus setting and ample parking.
Groundbreaking for the seven-acre first phase of AllenPlace is set for this year, with KONE expected to take occupancy of its new offices in the first half of 2015. The company, which currently occupies office space in Allen and a testing facility in nearby McKinney, will take over the first building at the AllenPlace complex, as well as a portion of the second building, where it will house its supply operations, research-and-development department and other product and installation support functions.
To get the project off the ground, Sentinel partnered with the Allen Economic Development Corp., which incentivized both the real estate transaction and KONE’s expansion. “This project exemplifies Allen’s track record for competitive incentives and will create additional spec office space close to premier shopping and dining destinations,” said Dan Bowman, Allen Economic Development Corp. interim executive director, in a written statement.
Jeff Patman, senior vice president with Site Selection Group, handled all economic incentive and lease negotiations for KONE. Sentinel Capital was represented by Ben Appleby, partner with Dallas-based Paladin Partners (formerly with Houston-based PM Realty Group), who will also handle the leasing at AllenPlace moving forward.
KONE’s lease will kick off a 102,000-square-foot Class A office building that will contain 77,000 square feet of vacant, contiguous spec office space for other tenants, according to Appleby.
“Allen is a highly sought-after municipality for corporate users looking to relocate their operations to North Texas. The problem that we have run into recently is a lack of available product for users looking for over 20,000 square feet,” added Appleby. “With this first phase of AllenPlace underway, we will be able to provide a grossly underserved product to larger office users looking at Allen, Texas.”
Rendering of AllenPlace courtesy of Sentinel Capital via Businesswire.