1301 COLLINS, Richardson

TPMC acquired 1301 E. Collin located in Richardson, Texas in January 2000.  1301 Collins is a four-story Class B office building containing 228,400 square feet.  The building, located in the heart of Richardson’s Telecom Corridor was originally built for Raytheon. 1301 Collins was built with an extremely robust infrastructure including highly efficient floor plates (approximately 57,000 square feet), redundant power, and abundant parking.  The opportunity was first presented to TPMC at the height of the technology boom.  Raytheon still occupied 1301 Collins, however, TPMC was advised up front that Raytheon would be vacating upon expiration.  Although the building had great infrastructure, it had grown tired over the years, and knowing that Raytheon would be vacating, the business plan required a redevelopment of the asset including a new lobby, updated restrooms and new common areas.  TPMC utilized its Short Close Strategy to close this off-market transaction.  TPMC’s Short Close Strategy involved closing the transaction all cash within an atypical timeframe (two weeks). 

By March 2000, the technology bubble had burst, and TPMC altered its strategy to reposition the asset.  While most investors continued to seek out technology tenants for the Telecom Corridor, TPMC searched outside the technology sector for a more traditional office tenant.  By 2003, TPMC had successfully leased 90 percent of the building to Travelers Indemnity Company.   TPMC sold 1301 Collins in July 2004.