Two Companies Break Ground on New HQs
Christine Perez  |  08-Jul-2005

Dallas Business Journal - July 11, 2005

http://dallas.bizjournals.com/dallas/stories/2005/07/11/newscolumn7.html

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Real Estate

 

EmPhysis Medical Management L.L.C. has kicked off construction of its new 25,000-square-foot headquarters in Rockwall Technology Park. The $3 million project sits on 5 acres at 2610 Observation Trail. The company, which provides billing and administrative support to physicians and health care companies throughout the country, will take occupancy in the first quarter of 2005.

About 100 employees will make the move, coming out of two other Rockwall buildings. The fast-growing company expects to double its Rockwall employment over the next three years. It also has offices in Oklahoma and Colorado.

Since opening in 2000, the 257-acre Rockwall Technology Park has attracted $48 million in new investment, according to the Rockwall Economic Development Corp., which oversees the project.

Dallas-based Koll Development Co. also has broken ground on a new headquarters project -- this one a 75,000-square-foot facility in Irving for Epsilon, a marketing concern. The two-story office building, at 4301 Regent Blvd., was designed by Richardson-based Alliance Architects. About 340 employees will take occupancy of the building in mid 2006. Phil Puckett, John Boyle and Jonathan Harper with Trammell Crow Co. represented Epsilon in its headquarters search.

Attractive buy
A subsidiary of Beverly Hills, Calif.-based Cohen Asset Management Inc. has acquired Koll Coppell Business Center, a three-building, 230,900-square-foot office and distribution complex on Freeport Parkway and Hammond Street.

The properties, which are about 85% occupied, were built in 2001 by Koll Development Co., with Invesco as an equity partner. Financial terms of the acquisition were not available. The deal closed June 28.

The buy brings Cohen's North Texas holdings to 1.7 million square feet of both office and industrial space. The firm began investing in the Dallas market in 1998 and plans to continue pursuing deals here, said Brandon Delf, senior vice president.

"The diversified economy, combined with the low cost of living and a great quality of life, are factors that we believe will continue to generate job growth in the Dallas-Fort Worth area, which, at the end of the day, translates into demand for additional space, higher rents and happy landlords," he said. "Dallas is being driven by many of the same factors fueling national economic growth, such as relatively low interest rates."

Observer leaves CBD
The Dallas Observer, Dallas' alternative weekly newspaper, is leaving the central business district for Uptown. The paper has signed a 10-year deal to lease 17,000 square feet in Gaedeke Group's Oak Lawn Plaza at 2510 Oak Lawn Ave. The deal takes the 129,000-square-foot building to 93% leased.

Owned by Phoenix-based New Times Media L.L.C., the Dallas Observer distributes about 110,000 copies each week. The paper will take occupancy of its new space Aug. 1.

Mary Bentley with Fischer & Co. represented the tenant. David Hughes and Lowrey Burnett were the in-house leasing agents for Gaedeke Group.

cperez@bizjournals.com | 214-706-7120