DALLAS, TEXAS (August 20, 2024) – Pillar Commercial and Hall Capital have formed a partnership to market and develop One Bethany North, a new Class A, 225,000 RSF office tower in the Watters Creek business district of Allen, TX. The Allen Economic Development Corporation (Allen EDC) owns the project site and is structuring a competitive incentive package to launch construction.
Pillar Commercial and Hall Capital have been active investors in Allen, having acquired One Bethany East and One Bethany West in two separate transactions over the past three years. The combined properties contain approximately 320,000 RSF of Class A space. Credit Union of Texas, MD7, Netflix, Inbenta, Pushpay and Highland Residential are some of the notable tenants in the office complex.
“It is an absolute privilege to partner with Hall Capital and the Allen EDC in promoting and developing this exceptional office tower concept,” said Manny Ybarra, Founder & CEO of Pillar Commercial. “Allen continues to attract high quality corporate users, and we are excited to be a part of the community’s next evolution of growth.”
One Bethany North is expected to boast more than 225,000 RSF on nine floors with a detached garage and an ambitious courtyard concept with pickleball courts and putting greens. The courtyard will also feature a park-like setting with an abundance of outdoor seating and activated green space.
Like One Bethany East and West, One Bethany North will also feature a luxurious tenant lounge, state of the art conference facilities and an upscale fitness center. The property will be positioned on a four-acre site directly across the street from the Delta by Marriott Convention Center Hotel. A 3,500 square-foot retail concept is also planned as a part of the development.
The Allen EDC has been the leading economic development organization behind some notable commercial developments in Allen, including the One Bethany at Watters Creek office campus and The Farm. Allen EDC incentives were instrumental in bringing major office employers to corporate offices in Allen, such as NetScout (500 employees) and more recently Onsemi (350 employees). The Allen EDC is prepared to provide similar competitive incentives for tenants in One Bethany North.
“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 Dan Bowman, Allen EDC executive director and CEO. “One Bethany North is situated in the right location to help companies draw employees back to the office, and we are excited to work with Pillar Commercial and Hall Capital to bring this vision to reality.”
Pillar Commercial will be leading the marketing and leasing effort for the new office development.
“We continue to be impressed with the strong tenant interest in both One Bethany East and West,” said Dillon Buhrkuhl of Pillar Commercial. “Tenants are focused on providing their employees with a new and vibrant place to work. We believe One Bethany North will provide just what they are looking for.”
About Pillar Commercial
Founded in 2004, Pillar Commercial is a vertically integrated commercial real estate investment and operating platform based in Dallas, Texas. The company specializes in office and industrial investments. In 2018, Pillar launched its first fully discretionary fund, Pillar Real Estate Fund I (PREF I), a CRE investment vehicle focused on the Texas market. In 2023, Pillar launched its second fund vehicle, Pillar Real Estate Fund II (PREF II) targeting highly selective office and light industrial assets. For more information on Pillar Commercial, please visit www.pillarcommercial.com
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