Obsolescence Equals Opportunity_final (002)

CASE STUDIES

$20 MILLION REPOSITIONING OF A VACANT BEHEMOTH International Plaza, Dallas, Texas

Challenge: Located in Farmers Branch, Texas, International Plaza is a two-building, 700,000 sf office asset. When purchased the fully vacant property was North Texas’s largest vacancy and faced significant challenges attracting large tenants.

coffee bar on the first floor were added to the first floor. Second floor updates included a state of-the-art fitness center with equipment rivaling the best health clubs in the city. The third floor gained a food hall, gaming area and a makers’ space for tenant events. The elevators, elevator lobbies and restrooms were all updated to reflect the new finishes. The restrooms were updated to country club style with wood louver doors and individual stalls. Results: Tenants who toured the space were attracted to the property’s alternative work areas both inside and outside. High resolution renderings of the space helped draw interest during early leasing phases and the final product delivered on that vision. Just two months into construction, the project secured a 385,000 sf healthcare tenant. One month following completion of the project, the property secured another 85,000 sf tenant.

Renovation investment: $20 million

Solution: This project pushed the envelope, rededicating three floors to amenities with a focus on amenity quality as well as the physical space. An existing small pond between the buildings was activated by building a free standing “Lakehouse,” with meeting space, an outdoor deck, fire pit, grill, outdoor seating, music full WIFI and landscape lighting for evening events. The lobby was fully demolished and renovated, and a monumental new staircase linked the lobby to new second floor amenities. Large meeting rooms, phone rooms, executive conference room and a wine and

The Next Evolution of Office and How Repositioning and Repurposing Will Shape the Future | 27