Office tower in Plano might yield approximately $125 million

A major property sale might be coming the way of West Plano’s Legacy business park. Five years ago, Encana Oil and Gas Tower close to Legacy Drive was sold for close to $375 per square foot which was the highest amount to be sold for a suburban Dallas office property. Once again, the 12-storey building is on the market for even a higher price of about $400 per square foot. The building which is already 75% leased out is currently being negotiated by Dallas-based Tier REIT to purchase the building. The trust also has two additional building sites close to the previous Encana Tower. The building is currently being leased to LegacyTexas Bank, Aimbridge Hospitality and Ally Financial.

However, there has been no response from Tier but the investor has properties in eight cities and in the District of Columbia. The building which was originally constructed for Encana Oil and Gas is a 318,000 square-foot office building situated north of the famous Shops at Legacy retail multiple centers. The building which is owned by a segment of Arizona-based Cole Real Estate Investment has been marketed by commercial real estate firm JLL. If the sale transaction goes on smoothly, it will one of the highest price paid for an office building seen in Plano’s Legacy business park.

The growth rate in the area evidently warrants for the asking price of the building.