Posted: Jan 12, 2009
FOR IMMEDIATE RELEASE: January 12, 2009
Contact: Sydney Townsend
stownsend@sunwestpr.com
Sunwest Communications
(214) 373-1601
*KDC LEASES SECOND BLOCK OF SPACE AT NEWLY RENOVATED
1.2 MILLION SF THE CAMPUS AT LEGACY*
Leases spur renovation and opening of 5340 Legacy Dr. building to new tenants
DALLAS – KDC, one of America’s leading commercial real estate firms, and partner Spear Street Capital, have leased 133,400 square feet to four companies at the redeveloped 1.2 million-square-foot The Campus at Legacy. The new tenants will take space in both the 5360 Legacy Drive and 5340 Legacy Drive buildings.
The leases bring occupancy at the 5360 Legacy Drive building to 84 percent and open the 5340 Legacy Drive building as the second multi-tenant building at The Campus at Legacy. The campus features three 400,000-square-foot-office buildings on a 107-acre site.
Bear Transportation Services L.P. signed the largest lease for 81,087 square feet at 5340 Legacy Drive. Approximately 300 employees from Bear’s current office on LBJ Freeway in Dallas will occupy two full floors of the soon-to-be renovated space in spring 2009.
“Since May 2008, we have leased more than 245,000 square feet at The Campus at Legacy,” said John Brownlee, senior vice president at KDC. “Activity took off as we were finishing the renovation of 5360 Legacy Drive and opened up the space to tenants of all sizes. Now, with 5360 Legacy Drive near full occupancy, we have commenced construction to renovate the lobby and common areas of 5340 Legacy Drive to accommodate Bear Transportation.”
The renovation of 5340 Legacy Drive also includes the addition of a new fitness center, café and conference center for use by all the tenants at the campus.
St. Jude Medical’s (NYSE: STJ) Neuromodulation Division, formerly Advanced Neuromodulation Systems, signed a lease for 42,779 square feet at 5360 Legacy Drive. St. Jude Medical signed a long-term lease and plans to occupy the entire second floor of the three-story building in January 2009. In 2004, KDC developed a 144,000-square-foot headquarters building for Advanced Neuromodulation Systems. KDC added an additional 30,000 square feet to their headquarters in 2006.
Plano-based Pharmaceutical Strategies Group signed a five-year lease for 3,692 square feet at 5360 Legacy Drive. The company leased space at the campus on an interim basis and moved to its new space in December. Moving into the vacated space will be Splunk Inc., a San Francisco-based IT company, which has signed a five-year lease for the 5,842 square feet.
The first phase of leasing at The Campus at Legacy began in May 2008. At that time, Dr Pepper Snapple Group Inc. (NYSE: DPS), World Ventures, Group360 Inc., MarketNet and Teleca USA Inc. leased 110,137 square feet in the 5360 Legacy Dr. building.
KDC, along with three other real estate investment groups, purchased The Campus at Legacy (formerly the EDS campus) and other EDS real estate assets in October 2005. The transaction included the purchase of approximately 2.75 million square feet of real estate for $217 million. It was one of the largest transactions worldwide in 2005 involving multiple office properties.
Following the transaction, KDC announced it would redevelop the 107-acre campus site and re-brand the project “The Campus at Legacy.” KDC redesigned the building facades, lobby and common areas, along with enhancing the entrances to The Campus at Legacy and the buildings.
According to Brownlee, The Campus at Legacy has 700,000 square feet of contiguous space available; making it the largest block of class A space in Dallas/Fort Worth. 5360 Legacy Drive has 63,000 square feet available, including a 23,000 square foot “plug and play” space, as well as small pockets. 5340 Legacy Drive now offers a multi-tenant block of up to 300,000 square feet available. 5320 Legacy Drive has 400,000 square feet of office space available.
“The Campus at Legacy is ready to accommodate tenants of any size,” said Brownlee. “The great location, along with the amenities package and the extensive renovations, make it the ideal business environment in North Dallas.”
Frank Ricca with Jones Lang LaSalle represented Bear Transportation Services L.P. Randy Garrett with Transwestern represented St. Jude Medical. Bo Estes and Patrick McCown with Grubb & Ellis represented Splunk, Inc. Dale Ray with Peleton Real Estate Partners represented Pharmaceutical Strategies Group.
About KDC
KDC, one of America’s leading commercial real estate and investment companies, provides a full range of commercial real estate services including corporate build-to-suit development, acquisitions, corporate facility project/construction management, project financing, asset and land management, and marketing and leasing. KDC is headquartered in Dallas and has offices in Atlanta; Charlotte, N.C.; and Detroit. For more information visit www.kdc.com