Pillar Secures Recapitalization Deal for Richardson Office Property

Pillar Commercial landed a recapitalization deal for Travelers Insurance’s corporate hub in Richardson.

The deal will retire the debt on Collins Square, a 215,000-square-foot office building that’s been anchored by Travelers since 2002. It also provides a new ownership structure for the property.

Pillar bought the property in 2014 with a $14.5 million loan from Everbank. The new ownership group is led by Pillar and includes Hall Capital, H. Goldenberg and Formation Interests. The group bought the building with cash, and the price wasn’t disclosed.

Collins Square was valued at $18.25 in 2024, according to appraisal district records.

The four-story property sits on 13 acres at 1301 East Collins Boulevard. The building is 68 percent occupied, according to materials from Weitzman Group, which was marketing the property for sale in July.

Collins Square was built in 1985 and renovated in 2022. Its location offers easy access to U.S. Route 75 and the President George Bush Turnpike. It is about 20 miles north of Dallas.

Collins Square is within Richardson’s Innovation Quarter or “IQ,” a 1,200-acre hub for businesses. The IQ is home to offices for 1,000 companies, including Ericsson, Verizon and Siemens, according to its website. It’s also the site of multiple outposts of the University of Texas Dallas devoted to technology, including the university’s Center for Applied AI & Machine Learning.

Pillar has partnered with Hall Capital on other projects, including One Bethany North, a nine-story, Class-A office building the pair is developing with the Allen Economic Development Corporation. It will be located at 701 South Watters Road in the Watters Creek business district.

The partnership also owns two other office properties in the development: One Bethany East and One Bethany West.