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October 22, 2019
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Equus Capital Partners Purchases TX Office Campus

9/24/19

Equus Capital Partners has acquired Legacy Place, a 300k sf office campus in Plano, TX. The firm has obtained $72.1 mil in short-term debt from Mesa West Capital for the purchase, repositioning and stabilization of the property.

Built in 1998, Legacy Place features two identical six-story office buildings with 27k sf floorplates, and two parking structures. The asset sits on a 15.3-acre site at 5700-5800 Tennyson Pkwy in Plano’s Legacy micromarket.

The property has immediate access to the Dallas North Tollway, a major north-south arterial connecting Interstates 30 and 35E near downtown Dallas, to U.S. Hwy 380 in Frisco. This key transportation pipeline has contributed to Plano’s growth as a high-performing office market, which reports a vacancy rate of 5.1%. Legacy Place was 87.7% leased at closing.

A portion of the loan proceeds from the five-year, non-recourse loan will be used to fund capital improvements including a renovation of building lobbies and common areas, addition of hospitality-style amenities, elevator modernization, and new HVAC systems.

“Legacy Place I and II are high quality physical assets that will be significantly improved with the Sponsor's capital plan,” said Vice President Brian Hirsh who originated the loan out of Mesa West’s Chicago office. “This building modernization program will allow these buildings to directly compete with other Class A offerings in Legacy, a submarket that has been experiencing robust tenant demand."





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