Plano 1000 Coit
Download Case Study- 2004
Acquisition Year
- 1
Years
Held - 420k
Total Square Footage
- 1
Number of Buildings
OPPORTUNITY
A 420,000 square office, industrial and technology facility, 1000 Coit Road served as the North American campus for French telecommunications giant Alcatel from 1999 to 2003. Although the property was completely vacant in 2004, Westmount saw great potential in this asset given its prominent location in the fast-growing technology corridor in Far North Dallas. Westmount purchased the property in late-2004 at 0% occupancy.
SOLUTION
Westmount undertook multiple space planning studies, renovations, and clean-ups to prepare the property for multi-tenant leasing. On top of other attractive onsite infrastructure, the property featured a diverse mix of office, data center, light assembly, and laboratory space. We targeted the property to users in various manufacturing, biotech, biomedical, pharmaceutical, aerospace/defense and data-driven industries. Our marketing efforts quickly attracted the attention of Countrywide Financial Corporation, a banking company, who purchased the entire property just nine months later.
TAKEAWAY
We are highly competent at repositioning underserved properties for new uses and executing comprehensive marketing plans. In this case, we projected that the property would appeal to businesses in a variety of industries given the diversity of space. Westmount made appropriate renovations to ready the property for multi-tenant leasing. Ultimately, Countrywide Financial purchased the entire property shortly after completing renovations.
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