Overview
Younger Partners, as exclusive advisor, is pleased to present the unique opportunity
to acquire Promenade Tower (the “Property”). This landmark, office and
retail development boasts a prominent position at Belt Line / Coit Road in the
highly-sought after and affluent submarket of Richardson, Texas. The offering
includes a complete fee-simple interest in a distinguished, 15-story office tower
that spans 142,169 square feet of space, along with 84,231 square feet of highprofile
community retail space and almost 1,000 parking spaces on 6.78 acres
of irreplacable land. Nestled amongst a sea of single-family rooftops, the Property
enjoys a prime location just west of the Richardson Innovation District -
the region’s second largest employments center (1.9M employees) and the
STEM hub of Dallas.
Combining established income from a diverse tenant mixture that includes generational
neighborhood retail, Promenade Tower is a compelling adaptive reuse
opportunity. The 15-story office tower has floor plates of just over 9,000 square
feet, 12’5” deck-to-deck heights (floors 3-15) and unobstructed views in every
direction. Additionally, the building has a former bank lobby with around 10,000
square feet of potential amenity space with 21’ ceiling heights.
If you build it, they will come and an adaptive reuse of the office tower for residential,
hospitality or senior living will bolster the existing retail and drive demand
for new tenants. A potential candidate for historical designation and tax
credits, the office tower can be vacated for conversion in 18 months.
Texas as a whole has been facing a significant housing shortage for several years.
Even though the state builds more homes than any other, the pace of construction
has struggled to keep up with the rapid population growth. Richardson,
much like the rest of the Dallas-Fort Worth, has been experiencing a tight housing
market and a growing need for more residential options. While there may
not be an absolute “shortage,” the high demand, rising rents and high occupancy
rates create a competitive market for apartment seekers in Richardson. As a
result, the City is actively working to increase housing supply though new and
redevelopment projects.
Available at an embarrassing discount to replacement cost, Promenade Tower
is a blank canvas full of potential and ready for the next chapter.
to acquire Promenade Tower (the “Property”). This landmark, office and
retail development boasts a prominent position at Belt Line / Coit Road in the
highly-sought after and affluent submarket of Richardson, Texas. The offering
includes a complete fee-simple interest in a distinguished, 15-story office tower
that spans 142,169 square feet of space, along with 84,231 square feet of highprofile
community retail space and almost 1,000 parking spaces on 6.78 acres
of irreplacable land. Nestled amongst a sea of single-family rooftops, the Property
enjoys a prime location just west of the Richardson Innovation District -
the region’s second largest employments center (1.9M employees) and the
STEM hub of Dallas.
Combining established income from a diverse tenant mixture that includes generational
neighborhood retail, Promenade Tower is a compelling adaptive reuse
opportunity. The 15-story office tower has floor plates of just over 9,000 square
feet, 12’5” deck-to-deck heights (floors 3-15) and unobstructed views in every
direction. Additionally, the building has a former bank lobby with around 10,000
square feet of potential amenity space with 21’ ceiling heights.
If you build it, they will come and an adaptive reuse of the office tower for residential,
hospitality or senior living will bolster the existing retail and drive demand
for new tenants. A potential candidate for historical designation and tax
credits, the office tower can be vacated for conversion in 18 months.
Texas as a whole has been facing a significant housing shortage for several years.
Even though the state builds more homes than any other, the pace of construction
has struggled to keep up with the rapid population growth. Richardson,
much like the rest of the Dallas-Fort Worth, has been experiencing a tight housing
market and a growing need for more residential options. While there may
not be an absolute “shortage,” the high demand, rising rents and high occupancy
rates create a competitive market for apartment seekers in Richardson. As a
result, the City is actively working to increase housing supply though new and
redevelopment projects.
Available at an embarrassing discount to replacement cost, Promenade Tower
is a blank canvas full of potential and ready for the next chapter.
Key Facts
Immediate Walkability to a wealth of restaurants, shopping destinations, Richardson High School.
Promenade Tower is a quintessential suburban asset with unlimited untapped potential.
15-stories of office space, more than 30 retail suites and a space for every taste.
52% leased with sizable in place revenues.
With more than 50,000 cars passing the building daily and surrounded by a solid demographic base, it's all about Location, Location, Location.
Plentiful on-site parking.
Reuse and capitalize: Adaptive reuse is a more sustainable approach than demolition and new construction.
