A newly-formed Dallas development firm has begun construction on a new four-building luxury office park, with an initial $32 million office building, which is slated for completion early next year.
The five-story, 125,000-square-foot office building, called One Bethany at Watters Creek, will help serve a growing office corridor in the northern part of the region along Interstate 75, Derrick Evers, CEO and managing partner of Dallas-based Kaizen Development Partners, told the Dallas Business Journal.
“There’s a movement of corporate relocations moving north because that’s where the work base is for their employees,” Evers said. “There’s been a lot of growth along the Tollway corridor and the 75 corridor is the next logical place for growth as rents continue to rise and traffic continues to become more congested,” he added.
One Bethany which got underway Tuesday, will help fill a void in the market, Evers said, with more than 40,000 square feet of tenants circling the property. Those tenants range from technology companies to accounting firms.
The office building will include a fitness center, conference center and 10,000 square feet of ground-floor retail space for two restaurants with enough space for patios. The project also includes a 570-space parking garage.
JLL’s Daryl Mullin, Chris Doggett and Blake Shipley are leasing the building, which will have office rents ranging from $20 to $22 per square foot.
Dallas-based BOKA Powell is the project designer. Balfour Beatty Construction is the general contractor.
Kaizen Development Partners teamed up with Allen Economic Development Corp. to build the office park. Construction is slated for completion in early 2018.
“Tenants have been demanding a Class A office building with proximity to a walkable, mixed-use project like Watters Creek,” said Allen Economic Development Corp. CEO Dan Bowman, in a statement.