International Plaza 2. Image courtesy of Cushman & Wakefield
Taconic Capital Advisors has inked a 30,650-square-foot lease with accounting and advisory firm Forv/s at International Plaza 2, a 388,432-square-foot Class A property in Dallas. The full-floor commitment brought the recently upgraded building’s occupancy to 93 percent.
Cushman & Wakefield’s Vice Chairman Matt Schendle, Director Chris Taylor and Senior Associate Carrie Halbrooks worked on behalf of the landlord, while CBRE‘s Executive Vice President Clay Vaughn and Senior Vice President Jihane Boury negotiated on behalf of the tenant.
Taconic acquired the asset in 2018 from Two Trees in a portfolio transaction that also included International Plaza 1, CommercialEdge data shows. The property’s roster includes Trinity Industries, IMA Financial Group and Crown Collection Veils & Tiaras.
Built in 2000, the 15-story building is located at 14221 Dallas N. Tollway and includes four passenger elevators, 27,066-square-foot floor plates and a multi-level covered parking with 1624 spots, according to the same data provider. Situated within the Platinum Corridor submarket of Dallas on a nearly 7-acre lot, the property is close to multiple bus stations and to Interstate 635, being 12 miles from downtown Dallas, 16 miles from Dallas-Fort Worth International Airport and within 36 miles of Fort Worth, Texas.
Flight-to-quality trend drives leasing activity
The flight-to-quality trend in Dallas is ongoing, with more companies relocating in high-profile locations with good amenity packages, in an effort to increase employee engagement, noted CBRE’s Vaughn, in prepared statements.
Recent upgrades at International Plaza 2 include a new common-area lobby, a fitness center, a conference room, a game room and The Lakehouse, a 1,200-square-foot space featuring a coffee shop with outdoor and indoor seating. Following the repositioning, CIM Group provided $190 million in refinancing for the pair of office buildings in September 2020.
In March 2022, Taconic, together with Champion Partners, secured a $73 million loan for the refinancing of Legacy Commons, a 287,000-square-foot office campus in Plano, Texas. The property includes an undeveloped site of 5.3-acres.
