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[Project Highrise]Developer Crow Co. eyes new Plano high-rise project

2021-06-29 09:13 Tag:

  Developer Trammell Crow Co. is eyeing construction of another office tower in Plano’s Legacy business park.

  Early last year, the Dallas-based developer began construction west of Dallas North Tollway on a 21-story, 327,000-square-foot office high-rise on Legacy Drive that will be leased to pharmaceutical firm Reata.

  That building, designed by Dallas architect HKS, is set to open at the end of the year. Before then, Crow Co. hopes to start work on an even larger office tower next door.

  Planning documents filed with the state describe the building as a “25-story office tower with 14 levels of office over 10 levels of podium parking and a ground floor for the main lobby, building services and additional parking.”

  The 420,000-square-foot high-rise, also designed by HKS, would cost more than $85 million. Construction would start in November with completion in late 2023, according to the state filings.

  The construction proposal for the Legacy office tower is one of the best indications yet of the rebound in the Dallas-area office market.

  After the onset of the COVID-19 pandemic, demand for offices in North Texas dried up, filling the market with millions of square feet of surplus business space.

  But leasing agents say there has recently been a sharp rebound of office space interest in the area, especially from out-of-state firms looking to move to Dallas-Fort Worth.

  Crow’s Legacy tower would be the largest new office deal in the works in Dallas’ northern suburbs. The tower site is across the street from the $3 billion Legacy West mixed-use development.

  Crow Co. has a track record of office development in Legacy. The developer built the 13-story Legacy Tower in 2015. Crow Co. and partner Principal Financial sold the building to a foreign investor in 2016.

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