| 84,000 RSF Successfully Executed Lease |
250,000 RSF New Prospects Interested in Property |
40%+ Building Occupied |
01
The Opportunity
Originally developed by KDC as a built-to-suit for Nortel in the early 2000s, the campus faced significant challenges after multiple tenant relocations in 2016, leaving 600,000 RSF vacant out of the nearly 800,000 RSF campus. New ownership engaged Cushman & Wakefield to lease and manage the property, aiming to revitalize the space and attract new tenants.
02 The SOLUTION
The Cushman & Wakefield leasing team took a proactive approach to reposition the campus, performing $8 million in capital improvements to the common areas of the vacant buildings and adding best-in-class amenities both inside and outside of the buildings. Within 18 months, Cushman & Wakefield closed 6 new leases bringing the campus to 100% leased. The project experienced its first new vacancy in 6 years when Bank of America vacated Building C (207,000 RSF) in May of 2023. Knowing Bank of America was consolidating into one of its own buildings, the team coordinated with new Galatyn Commons ownership to reposition Building C within 12 months before the Bank of America's lease expiration. Renovations for Building C began in June of 2023, with a total spend of approximately $5.5 million. Additionally, the leasing team secured $500,000 in incentives from the City of Richardson to support the building renovation.
03
The Results
The renovations were completed in June of 2024. Within four months of completion, the team successfully executed a new lease for 84,000 RSF with Halff Associates, occupying over 40% of the building. Due to the renovations and targeted marketing of Building C, including leveraging our deep broker relationships and market intel, the C&W leasing team has another 250,000 RSF of prospects actively looking at the balance of Building C.
Team Members
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