In 2005, KDC and other investors purchased 2.75 million square feet of assets from EDS. Included in the transaction were three buildings containing 1.2 million square feet which were part of the former EDS headquarters campus in Legacy Business Park in Plano, Texas. Although well-located in Legacy Business Park, the grounds, buildings and interior finishes had not been updated in 20 years. Due to EDS’ security requirements, the three buildings were inward facing, locked behind barbed wire fences and had bunker-like entrances. The single-tenant buildings, previously known as “The Clusters” during the EDS days, had an institutional look that did not compete well in the upscale Legacy market.
KDC saw these challenges as an opportunity to redevelop the property into a unique, multi-tenant corporate campus. The goal was to capitalize on the outstanding location and redevelop the project into a world-class facility with amenities that would attract the most sought-after tenants. KDC embarked on an aggressive redevelopment plan that included redesigned property entrances, building facades, lobby and common areas and an enhancement of the landscaping and lighting on property. KDC enhanced the original amenity package that included dual-feed power, covered parking, shaded walking trails and a lake, and added new amenities including a fitness center, conference center and café.
Market focused redevelopment decisions resulted in major companies refilling the project with over 940,000 SF of new deals and a 95% occupancy within 2.5 years of EDS vacating the property. Significantly, the project had far and away the most net absorption of any project in DFW during a period that was generally considered a down market. A great location and well-planned development decisions combined to transform a highly functional but outdated project into a success story.
Contractor: Abstract Constuctors
1.2 Million SF; 3 Buildings