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Billingsley to Build Spec Office Building at Cypress WatersPosted on April 17, 2013
Billingsley Company announced the construction of a new speculative office building and four-lane roadway at Cypress Waters, the company’s 1,000-acre mixed-use development in the North Dallas Freeport area.
Scheduled for three stories and totaling 150,000 square feet, the building is the company’s first office building in Cypress Waters. Billingsley’s plan is to create a corporate business park environment that meets or exceeds the expectations of users currently in the market. Their philosophy is to replicate the successes of their previous developments (International Business Park and Austin Ranch) by moving quickly to meet current market demand.
“It’s no secret the market is very active and there are several users in need of large office space with large parking ratios. In Las Colinas alone we are currently tracking over seven million square feet of deals and / or corporate relocations,” said Marijke Lantz, Senior Vice President of Investments and Build to Suit. “The majority of those deals require parking ratios of 5/1,000 or more. Cypress Waters can certainly accommodate their needs for quality buildings and space for parking.”
Billingsley hired Younger Partners to market Cypress Waters for both the speculative and build to suit market. Moody Younger added, “Cypress Waters is in the heart of the region’s preferred location for Fortune 500 companies. The current market dynamics set up very well for Cypress Waters; there are limited big block vacancies and transaction momentum increases daily. I expect this combination to result in rapid lease up for both speculative and build to suit projects. Cypress Waters’ excellent freeway access and proximity to DFW Airport will enable corporate users to readily tap the entire DFW workforce and easily connect to other markets around the globe. These factors combined with on-site amenities like the 362-acre lake create one of the most attractive corporate environments in North Texas.”
The new 150,000 square foot office building is scheduled to break ground July 2013 and will be complete July 2014.
In conjunction with constructing the office building, Billingsley is also breaking ground on one of the development’s major infrastructure projects: Cypress Waters Boulevard. Cypress Waters Boulevard is a four-lane thoroughfare that will serve as the main entrance to the development from IH 635. Bookended by grand sculpture and lined with three parks, the boulevard will connect the retail, office, and multifamily components of the development and will terminate at Cypress Waters’ future town center. Construction will begin April 2013 and the road will open October 2013.
Also opening in 2013 is the first phase of The Neighborhoods of Cypress Waters – a multi-family community containing 3 neighborhoods. Scotch Creek opens June 2013, followed closely by Parsons Green, then Sycamore Park apartments will open in the Fall. The three neighborhoods feature 1, 2, and 3-bedroom apartments and townhomes and will total 637 units.
“We are pursuing opportunities for users that want to create their own campus,” said Lucy Billingsley, Partner. “This incredible land is situated at the crossroads of Dallas and Fort Worth. Located on top of the airport at LBJ and Beltline Road and next to SH 121 and SH 161 — this is a tough location to beat. We have a huge canvas on which to create a stunning office campus, and we are raising the bar on design and amenities for this area of the city.”
About Cypress Waters
Cypress Waters’ 1,000 acres will become a high-density community of up to 4,000,000 SF of office space, 400,000 SF of retail space, over 10,000 residences and three schools. Located in the City of Dallas and in the Coppell Independent School District, Cypress Waters offers a premier address and the best school system to its citizens. Cypress Waters will join Legacy and Las Colinas as leading suburban developments in the southwest and in the nation.
The Offices of Cypress Waters will be a sustainable, mixed-use suburban corporate campus in the heart of one of the fastest growing cities in the nation. With two substations, significant sources of water, and several fiber providers, the property has tremendous business infrastructure already in place. The abundance of land gives corporations the flexibility to grow organically over time. The campus will reflect 21st century corporate values: environmentally sophisticated buildings, extensive natural landscaping, pedestrian trails and streets, freeway and lakeside restaurants. Cypress Waters will represent the lifestyle and values of Generations X, Y, and Z thereby enhancing the brands of our corporations.