Younger Partners, as exclusive advisor, is pleased to present the unique opportunity to acquire Promenade Tower (the “Property”). This landmark, office and retail development boasts a prominent position at Belt Line / Coit Road in the highly-sought after and affluent submarket of Richardson, Texas. The offering includes a complete fee-simple interest in a distinguished, 15-story office tower that spans 142,169 square feet of space, along with 84,231 square feet of highprofile community retail space and almost 1,000 parking spaces on 6.78 acres of irreplacable land. Nestled amongst a sea of single-family rooftops, the Property enjoys a prime location just west of the Richardson Innovation District - the region’s second largest employments center (1.9M employees) and the STEM hub of Dallas.
Combining established income from a diverse tenant mixture that includes generational neighborhood retail, Promenade Tower is a compelling adaptive reuse opportunity. The 15-story office tower has floor plates of just over 9,000 square feet, 12’5” deck-to-deck heights (floors 3-15) and unobstructed views in every direction. Additionally, the building has a former bank lobby with around 10,000 square feet of potential amenity space with 21’ ceiling heights.
If you build it, they will come and an adaptive reuse of the office tower for residential, hospitality or senior living will bolster the existing retail and drive demand for new tenants. Promenade Tower is surrounded by a solid demographic base where average household incomes are more than $160,000 (1 mile) and median home prices are $490,000 with 50,000 cars passing the building daily.