By Ryan Salchert
As large tenants are slowly coming back into the market and looking for new space, El Segundo, California Based Stanton Road Capital is hoping its newly renovated property in Richardson may attract the eye of one or two prospective tenants.
The real estate investment company, led by founder and managing partner Tim Ronan, recently finished a series of renovations on 1125 E. Campbell Road, formerly known as Campbell Glen II. The company bought the four-story, 205,817-square-foot property in April 2019. At the time, it was fully vacant, having previously been occupied by a business unit of AT&T.
The building has now been transformed to include open floor plates, with most being 50,000 square feet. Other additions include a new amenity lounge with Wi-Fi, a fully modernized fitness center, a 60-person training and conference center, a grab-and-go food and beverage area, and outdoor communal and recreational space. The property also offers a six per 1,000 parking ratio. Despite renovating the building during the middle of the COVID-19 pandemic, Ronan says structurally, the overall design did not change.
“I will tell you that we took another look at the furniture programming, just to make sure we had enough space everywhere, especially in the fitness facility. Other than that, everything else was true to the original design,” said Ronan.
Since renovations began, the building has already attracted a headquarters move. In June, Addison-based financial services debt settlement firm DebtBlue announced it would move its headquarters to the building and take 30,291 square feet on the second floor. The move will help support additional growth, as the company could eventually take the entire floor.
For now, about 175,000 square feet within the building is available contiguously. This could bode well for the property going into 2021, as corporate activity has apparently been hot in the area. Within the last six months, at least six 100,000-square-foot tenants have had their eyes on the building, according to Clint Madison, managing partner at Cushman & Wakefield. This list includes companies from California, he says. Madison and John Fancher of Cushman & Wakefield are leasing the building.
Stanton Road Capital’s national portfolio consists of about 6 million square feet, most of which is office space. Locally, the company owns about 2 million square feet.