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ELEVAR. Rendering courtesy of Cushman & Wakefield
Alvarez & Marsal Capital Real Estate, the real estate investment and asset management arm of Alvarez & Marsal, has entered the Dallas market with plans to redevelop Southern Methodist University’s former campus in Plano, Texas, into a creative office and technology hub.
Dubbed ELEVAR, the 204,000-square-foot upgraded campus is taking shape at 5228-5240 Tennyson Parkway, with completion expected in the third quarter of this year.
A unique redevelopment
SMU sold the campus back in 2018 and moved all its Plano-based operations back to the main campus in University Park, Texas, according to local profile. The same source reveals that the premises was initially used by Electronic Data Systems before being redeveloped for SMU’s graduate video game development program.
Reportedly the first project of its kind in Plano, ELEVAR was designed to suit the needs of today’s office tenants. Outdoor amenities would include public and private tenant patios and terraces incorporating various live-work-play areas.
A training and conference center, a bistro lounge and a fitness center with a locker room are among the planned interior amenities. Brand new HVAC and roof systems and electric vehicle charging stations will also be installed within the campus.
ELEVAR could accommodate media, entertainment, technology, as well as research and development companies in single- or multi-tenant configurations. Cushman & Wakefield Executive Managing Director Clint Madison, together with Senior Associates Zach Bean and Carrie Halbrooks, will oversee all leasing at the property.
READ ALSO: What You Need to Know About the DFW Office Market
The 16-acre campus is adjacent to Interstate 75 in the Platinum Corridor North submarket, less than 10 miles from downtown Plano and some 21 miles from downtown Dallas.
Strong office construction activity in Dallas-Fort Worth
According to an Avison Young fourth quarter 2022 office market report, the economy of The Metroplex is to witness further growth. Since 2019, the number of office positions has increased by 154,000, or 14.5 percent, as a result of continuous business expansions and relocations. As an overall market prediction for this year, major office metrics appear to be gradually stabilizing, but uncertainty is still a concern.
CommercialEdge information shows that nearly 8.2 million square feet of office space were under construction in the metro as of January. More than 2.9 million square feet, or 35.3 percent of the total, were underway in the Platinum Corridor North submarket.
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