Investor Snaps Up Plano Office Tower in Legacy Business Park

A high-profile Plano office project has sold to a Pennsylvania-based investor.Equus Capital Partners Ltd. said it acquired the Lincoln Legacy One office building on the Dallas North Tollway in Legacy business park.The eight-story office building at the tollway and Tennyson Parkway was built in 2006 and has almost 208,000 square feet.Equus said it plans a "multimillion-dollar repositioning program" to remodel and upgrade the building, which is 40 percent leased.The building will be renamed Gateway at Legacy."The Gateway at Legacy transaction provides the opportunity to acquire a best-in-class office asset located within the highly desirable Legacy Town Center," Kyle Turner, Equus vice president, said in a statement. "Our goal is to reintroduce the property to the marketplace as a top-tier first-class office building in terms of functionality and operational efficiency."Planned improvements include a lobby redo, a new fitness center and multiple tenant lounges and collaboration areas.JLL's Jack Crews, Brad Enloe, Alexis Wolfe and Grayson Fewin brokered the sale.Equus is a major private equity real estate fund manager with regional offices in Chicago, Los Angeles, Washington, D.C., Atlanta and Raleigh-Durham.Terms of the Plano purchase were not disclosed.The tollway building is the second recent purchase in that area.In October, Dallas' Pillar Commercial and Artemis Real Estate Partners bought the nearby Lincoln Legacy II building at 5810 Tennyson Parkway near the Dallas North Tollway from developer Lincoln Property Co. and USAA.  Continue reading...