RICHARDSON, Texas – Collins Square, a 213,864-square-foot office building in the Richardson Telecom Corridor has been sold, CBRE reported.
Dallas-based real estate investor and operator, Pillar Commercial, teamed with Origin Capital Partners to purchase the bulding from StreamCo for an undisclosed price. The newly formed joint venture is strategically seeking additional investments.
The four-story office building is 87 percent leased to The Travelers Indemnity Company, a subsidiary of The Travelers Cos. This location serves as the company’s Dallas regional headquarters.
“Having Travelers Insurance as the anchor tenant was one of the compelling reasons we selected this asset,” said Manny Ybarra, Pillar Commercial founder and president.
“We have been very active in sourcing acquisition opportunities throughout Texas,” said Bryan Sullivan of Origin Capital Partners.
The new ownership is planning building improvements, including a full elevator modernization and new roof overlay.
According to the Richardson Chamber of Commerce, in the past 30 months, the Telecom Corridor has recorded more than 100 relocation and expansion projects that will result in the occupancy of more than 6.2 million square feet of commercial space, and the addition or retention of over 21,500 jobs. Prominent tenants include AT&T, Bank of America, Blue Cross Blue Shield of Texas, Boeing, Cisco Systems, Fujitsu, Nationwide Insurance, Samsung, State Farm, T-Mobile, and Texas Capital Bank.
“Richardson is a destination for capital investment because of our strong growth and proven ability to work at the speed of business,” said Richardson Mayor Laura Maczka. “We have a longstanding and valued relationship with Pillar Commercial, and we are pleased to see it continue as they show confidence in the Richardson community with this latest acquisition.”