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New nine-story office tower planned for Allen
A new nine-story Class A office tower is planned for Allen.
Allen-based commercial real estate investor and operator Pillar Commercial and Oklahoma's Hall Capital formed a partnership to develop One Bethany North, a new 225,000-square-foot tower in the Watters Creek business district, the group announced Tuesday.
The property will be located at 701 S. Watters Road on a four-acre site directly across the street from the Delta by Marriott Convention Center Hotel. The Allen Economic Development Corporation owns the site and is working on an incentive package to start construction, the group said.
The property's courtyard will have outdoor seating and green space. Amenities will include putting greens, putting greens and a fitness center. A 3,500 square foot retail space will also be part of the planned development.
Pillar Commercial and Hall Capital will develop construction plans over the next several months. Construction will take 18 to 24 months and estimated construction costs exceed $100 million, the companies said.
“It is an absolute privilege to partner with Hall Capital and Allen EDC in promoting and developing this outstanding office tower concept,” Manny Ybarra, founder and CEO of Pillar Commercial, said in a statement. “Allen continues to attract high-quality corporate users, and we're excited to be part of the next evolution of community growth.”
The announcement comes after Pillar Commerical and Hall Capital sold One Bethany East, Class AA, office space in Allen in an off-market transaction. Collin County deed records show the property was moved to Texas Credit Union. of credit union is headquartered in An Eastern Bethany, Dallas Morning News previously reported.
The group bought that property in 2021. Pillar and Hall too teamed up to buy One Bethany Westsister office property at One Bethany East last year. A Bethany West has about 200,000 square feet on its eight floors.
Pillar Commercial will lead the marketing and leasing efforts for the new office development. Allen EDC said it is willing to offer tenants for the new office tower incentives similar to those of NetScout and semiconductor designer Onsemi received when they moved the corporate offices to Allen.
“Tenants are increasingly looking for Class A office buildings that not only offer walking distance to shopping and dining destinations, but are also located near the communities where employees live,” said Dan Bowman, executive director and CEO of Allen EDC . “One Bethany North is in the right location to help companies attract employees to the office, and we are excited to work with Pillar Commercial and Hall Capital to bring this vision to reality.”
