Proposed building will bring first Class “A” office product to rapidly growing area
Duke Realty Corporation has announced that it is acquiring 7.74 acres from the Allen Economic Development Corporation (AEDC) to develop a new 5-story, 150,000-square-foot Class “A” office building. Duke will break ground on the building, One Allen Center, this summer with anticipated completion in September 2007.
Located on the northwest corner of Bethany Drive and fronting US 75 Central Expressway, One Allen Center will be the first Class “A” office project in Allen Central Park, a 38-acre master-planned office development.
“The City of Allen’s vision has been to develop this property into a Class ‘A’ corporate office park,” said Charisse Bodisch, AEDC Executive Director. “By partnering with Duke Realty who is a proven leader in the Dallas-Ft. Worth market, this vision will now become reality and will provide much needed space in Allen to meet the growing demand.”
Duke’s 9-million-square-foot Dallas-Fort Worth portfolio is 95% leased and the company controls another 250 acres of land for future office and industrial projects. For the second straight year, Duke has been named “Developer of the Year” by the North Texas chapter of the National Association of Office and Industrial Properties (NAIOP).
“Jeff Turner and Blair Oden brought the expertise and credentials the AEDC required to make this a viable project,” said Kurt Kizer, president of the AEDC Board of Directors. “We anticipate this will be just the first phase of a multi-phase project in this strategically located park.”
Peter Vargas, Allen City Manager, said the recruitment of Class “A” office development has been a key goal in the Allen City Council strategic plan. “We think this is a ripe market for that type of use. With Duke’s success, we should see additional interest for that type of office development in the future,” said Vargas.
Allen is located in the North US 75 corridor, an area that is experiencing a huge wave of growth and activity. Duke is confident that this new development will fill a much-needed niche in Allen created by long commutes for area residents, increased activity in build-to-suit projects and the fact that 9 of the last 11 quarters the Richardson/Plano submarket have experienced positive absorption.
“This is a very exciting opportunity and project for us,” said Jeff Turner, Duke’s Senior Vice President, Dallas Operations. “Allen is directly in the path of growth and fits perfectly into our strategy of providing premiere suburban office developments on the outer edges of Dallas. We have been extremely impressed by all of the help and support we have received from the City of Allen and the Allen Economic Development Corporation. Charisse Bodisch and Kurt Kizer have been a pleasure to work with, along with the mayor’s office and the entire board. They are all completely committed to helping us deliver a first-class building.
“This new project will also give tenants and employees that live in the Northeast 121/75 Corridor a choice of doing business closer to home, spending less commute time on congested highways and more time at home with their families and friends. One Allen Center will fit that bill,” Turner continued.
Duke will also market the adjacent 31 acres of land in Allen Central Park for potential build-to-suit requirements. “We anticipate the interest in this building will be high from day one. There is not another Class ‘A’ building available in Allen,” said Blair Oden, Vice President of Duke’s Dallas Office Group. “With the expansion of both State Highway 190 and US-75 complete and the State Highway 121 expansion scheduled for 2010, One Allen Center will be perfectly situated to meet the office needs of our current and future customers in Allen. Better yet, we will be offering the most aggressive lease rates in the Metroplex for a new Class ‘A’ building.”
Designed by BOKA Powell Architects, One Allen Center will feature efficient 30,000 square foot floor plates, dual-feed electric power from separate substations and a fiber optic sonet ring in addition to an abundance of high-end retail amenities within walking distance. The project includes structured parking and extensive landscaping in a park-like setting.
About Duke Realty Corporation
Duke Realty Corporation specializes in the ownership, construction, development, leasing and management of office, industrial, medical office and retail real estate. It is the largest publicly-traded, vertically-integrated office/industrial real estate company in the United States. The Company owns, manages or has under development more than 112 million square feet in 19 major U.S. cities. Duke, which controls 5,000 acres of land for 73 million square feet of future development, also provides nationwide real estate solutions through its national development division.