New York investor takes new Plano office tower
New York investor takes new Plano office tower
June 7, 2021 Plano’s newest high-rise has changed hands.
The 14-story Headquarters II building on the Dallas North Tollway in the Legacy business park has been purchased by a New York-based investment group.
The more than 200,000-square-foot office tower is right across the tollway from Liberty Mutual Insurance’s huge regional office campus.
Built by local developer Heady Investments, Headquarters II just opened its doors after a pause in construction during the worst of the COVID-19 pandemic.
Now the building has sold to a company affiliated with New York-based Monarch Alternative Capital, county deed records show.
Developer Heady Investments confirmed the public documents but would not comment on the transaction.
Designed by O’Brien Architects, Headquarters II includes a 700-space parking garage, a fitness center and a conference center, a lounge and an outdoor patio on the seventh floor.
It’s the first of two office towers planned on the site, which is one of the last development tracts along the tollway south of State Highway 121.
Founded in 2002, Monarch Alternative Capital is private hedge fund investment firm with offices in New York and London.
At the end of last year, Monarch Alternative Capital announced that it had raised about $3 billion for a new fund to purchase real estate.
The company manages almost $9 billion in assets.
Heady Investments has built office projects all over the Dallas-Fort Worth area for more than four decades. The developer’s track record includes a string of successful office projects along the tollway in Plano and Frisco.
And Heady Investments has a new speculative office building under construction in Allen.
Heady Investments will continue to lease and manage the Headquarters II building in Plano.
