A nine-story office tower is coming to Allen’s Watters Creek business district.
Allen-based Pillar Commercial and Oklahoma City-based Hall Capital have teamed up to develop a 225,000-square-foot Class A office tower at 701 South Watters Road, across from the Marriott Dallas Allen Hotel & Convention Center, the Dallas Morning News reported.
The development, known as One Bethany North, will occupy a 4-acre site owned by the Allen Economic Development Corporation. The Allen EDC is finalizing an incentive package for the developers.
The project is expected to cost upwards of $100 million and will take between 18 to 24 months to complete. Pillar Commercial will oversee marketing and leasing efforts.
The building will include outdoor seating areas, pickleball courts, putting greens, a fitness center and a 3,500-square-foot retail space.
The development is the latest of Pillar Commercial and Hall Capital’s Allen deals. They recently sold the 120,000-square-foot One Bethany East to their largest tenant, the Credit Union of Texas. And they bought One Bethany West from Kaizen Development Partners last year. Kaizen developed the five-building office complex and sold One Bethany East to the Pillar-Hall venture in 2021.
The Allen EDC is willing to offer incentives to potential tenants as part of Allen’s strategy to draw corporations. That has worked in attracting NetScout Systems and semiconductor supplier Onsemi.
“Tenants are increasingly seeking Class A office buildings that not only offer walkability to shopping and dining destinations but also are situated near the communities where employees live,” said Allen EDC Executive Director Dan Bowman.
Elsewhere in Allen, Mexican supplement company Omnilife purchased 5.75 acres to build its U.S. headquarters. The tract is in Plano-based Heady Investments’ Prodigy Park business hub off Highway 121.
Meanwhile, in nearby Plano, Assa Abloy, a Swedish security company, leased 107,000 square feet at 2925 E Plano Parkway for its North American headquarters.
— Andrew Terrell
Read more
Commercial
Dallas
Credit Union of Texas buys Allen HQ from landlord Pillar Commercial
Commercial
Dallas
Omnilife plots US headquarters in Allen
Development
Dallas
Billingsley’s $3B Allen project taking off