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11/14/24
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In a Texas office buy, Provident Realty Advisors purchased Lakeside Campus, a recently renovated, Class A property spanning 807.4k sf of space in the city of Richardson. The property, located at 2201 and 2221 Lakeside Blvd, was sold by Trigild.
Lakeside Campus is currently 69% leased to a high-quality tenant base anchored by RealPage. It boasts a Weighted Average Lease Term (WALT) of approximately 3.9 years.
The property includes a 16-story office tower – recognized as the 2018 BOMA Building of the Year – as well as a four-story office building, abundant structured parking and an 18-acre site with a landscaped pond and jogging trail. Since 2015, over $13 mil has been invested into property enhancements, including a contemporary lobby, a state-of-the-art fitness center, a full-service café and a tenant lounge.
Prominently situated along North Central Expressway (US-75), the property is just minutes from the University of Texas at Dallas and major corporate campuses such as State Farm, Blue Cross Blue Shield, Raytheon and Texas Instruments.
Newmark Vice Chairmen Chris Murphy, Robert Hill and Gary Carr and Director Stephen Schwalb represented the seller in the transaction.
“We’re seeing ongoing demand for high-quality, well-located office properties across the Dallas metro, and Lakeside Campus is a prime example of that," said Carr. "Add in the steady cash flow from existing tenants and upside potential through vacancy lease-up, it presented a solid investment opportunity all around.”
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