Regent Properties will begin work this year to transform the former TI Plano campus into a corporate mixed-use center. (Regent)
A Los Angeles investor has completed its purchase of Texas Instrument’s former Plano campus.
TI’s Plano campus under contract to California real estate firm
Regent Properties plans to convert the 84-acre high-tech center at Legacy Drive and Central Expressway into an office and mixed-use complex.
The new owner plans to renovate four existing buildings while looking at potential construction on 16 acres of undeveloped properties on the campus.
Regent says it will consider developments of restaurants, a hotel, and retail and additional office buildings on the site, which can accommodate up to 3.7 million square feet of construction.
The TI Plano campus was built starting the mid-1980s and now has about 1 million square feet of buildings.
Regent said it plans to begin construction on its project called Legacy Central in the second quarter. The company has been working on the deal since last fall.
“Regent will be investing more than $100 million to transform the site into a cutting-edge, first-class, creative office campus,” Doug Brown, managing partner of Regent Properties, said in a statement. “Common area improvements will include landscaping, hardscaping, roadwork, common area amenities, building facades, building lobbies, and signage.”
The new owner plans to reorient the campus toward Central Expressway, developing vacant land along the highway for a hotel, restaurants and retail.
Over the next two years, Regent plans to renovate the existing buildings to conference rooms, a 150-seat auditorium and 30,000-square-foot fitness center. The campus will include a 1-mile exercise trail and 4-acre park.
“Plano has become THE corporate campus destination in North Texas,” Brown said. “Our project will deliver a forward-thinking campus experience which will facilitate their ability to attract and retain talent.”
TI will continue to occupy two of the buildings through 2016.
Dallas architects BOKA Powell have been hired to design the project.
Regent has made other investments in North Texas. The real estate company recently purchased and renovated the eight-story Bent Tree Tower II in Addison.
In 2014 it purchased the One Panorama Center office tower in Las Colinas.
Regent Properties is a 27-year-old commercial real estate investor and developer that has $3 billion in property transactions under its belt.
In 2014 the company but together a $300 million investment fund to buy properties in Texas and other markets.
Texas Instrument’s Plano plant is at U.S. 75 and Legacy Drive and contains almost 1 million square feet. (Google)
Author:Michele Lafortune Phone: 972-978-4000 Dated: January 13th 2016 Views: 1,318 About Michele: Michele was born and raised in Montréal, Canada. She moved to the DFW area in the early 90’s, and...
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