Baltimore, MD – A joint venture organized by Alex. Brown Realty (ABR) and Connection Park Partners, L.P., a partnership of Dallas-based Stream Realty Partners and Chief Partners, has acquired an 18.3 acre site in Irving, Texas, with plans to construct two Class A office buildings totaling 304,714 sf. ABR Chesapeake Fund IV, a value-add real estate fund sponsored by ABR, invested $8.7 million in the venture.
Connection Park will be developed in two phases: Phase I will consist of a 3.5-story, 141,219 sf office building and Phase II will consist of a 4-story, 160,638 sf office building. Construction of Phase I will begin in January 2015 and Phase II is projected to begin in early 2017, following the lease-up of Phase I. Both buildings will feature 40,000 sf floor plates, a 2-story grand lobby, a 6:1,000 sf parking ratio, and Class A finishes throughout.
Located within the Dallas-Fort Worth submarket of Las Colinas, Connection Park is near DFW airport, the fourth busiest in the world. Las Colinas is home to over 15 million sf of office users. The submarket has traditionally been dominated by large corporate office users, including Exxon Mobil and Kimberly-Clark. This trend has continued post-recession, with 7-Eleven, mortgage company, Nation Star, and restaurant company, Cheddar’s, all relocating their headquarters to the submarket.
“Within the Las Colinas market, demand for office space exceeds supply,” commented Tom Burton, ABR’s chief investment officer. “With Stream’s extensive development, leasing, and management experience, Connection Park should address the solid demand for large block, Class A office space.”
Connection Park represents the first joint venture between ABR and Stream.
Alex. Brown Realty is a privately owned real estate investment manager organized in 1972 and headquartered in Baltimore, Maryland. ABR co-invests with joint venture partners in a broad spectrum of property types located throughout the United States. www.abrealty.com
Stream Realty Partners is a Dallas-based commercial real estate services organization working for owners, investors and occupants. Stream is privately held and specializes in leasing, property and facilities management, tenant representation, development, investment, and sustainability. www.streamrealty.com
Chief Partners is a Dallas-based real estate investment company founded in 2007 and invests primarily in retail, industrial, medical office and multi-family properties.