Associa, one of the nation’s largest HOA management companies, has locked up its North Texas headquarters for the long haul by snagging a pair of office properties in Richardson.
The firm purchased neighboring buildings at 2301 North Greenville Avenue and 1300 Lookout Drive from EQT Exeter in an off-market deal, the Dallas Morning News reported. A sale price was not disclosed. They are assessed for tax purposes at $7.9 million and $15 million.
Associa will relocate its headquarters from the North Dallas building it owns at 5401 North Central Expressway, near Southern Methodist University. The company plans to sell that building by year end, said CEO John Carona, a former member of the Texas House of Representatives.
Associa, founded in 1979, operates 300 offices across 42 states and in four countries outside the U.S. The firm has seen a 30 percent jump in revenue over the past two years, necessitating additional office space.
Corona hinted that the company was able to buy the Richardson buildings at a discount, aligning with a broader trend in the office market as high-interest rates, coupled with historically low demand for office space due to remote work, crush property values.
The purchase allowed the firm to take advantage of depressed market values, Carona said.
“Long-term ownership provides us with the opportunity for appreciation in value, along with significant debt amortization and tax benefits over time,” he said.
Al Paniagua of Swearingen Realty Group and Clint Wallis of Associa’s corporate real estate team led the search. Richardson emerged as the ideal location due to its educated workforce, supportive city government and well-maintained business district. The headquarters, Creekview I and Creekview II, spans 260,000 square feet and includes a fitness center, cafe and an adjacent childcare center. It will accommodate 1,000 employees.
Associa plans to invest $15 million in building improvements over the next eight months, with the move scheduled for the first quarter of next year.
—Quinn Donoghue
Read more
Commercial
Dallas
Credit Union of Texas buys Allen HQ from landlord Pillar Commercial
Commercial
Texas
Richardson office complex sells at 30% discount from seven years ago
Commercial
Texas
Silver Star subsidiary selling Richardson office campus for $6.6M