Newmark has announced that Richardson-based general contractor Hill & Wilkinson has entered into an agreement with Pillar Commercial to extend its lease and expand its office location at 2703 Telecom Parkway in Richardson, committing to 58,000 square feet at the single-story, suburban office building. Newmark’s James Cooksey, Garrison Efird and Adam Faulk represented Hill & Wilkinson.
“We have very much enjoyed our tenure at 2703 Telecom Parkway and felt it was the right strategy to expand and commit to a new term. Working with a strategic advisor like Newmark, ensured we were positioned appropriately to achieve our financial goals,” stated Paul Driscoll, Chief Executive Officer at Hill & Wilkinson. “The team navigated a win-win solution for both Pillar Commercial, who recently purchased the building, and Hill & Wilkinson.”
Pillar Commercial acquired 2703 Telecom Parkway earlier this year, in a joint venture with Ascent Real Estate Advisors. “Hill & Wilkinson has a long and rich history in the development and construction industry,” stated Manuel “Manny” Ybarra, President and Founder of Pillar Commercial. “The company’s commitment to such a significant renewal and expansion only enhances the already impressive tenant roster at 2703 Telecom Parkway - all of which have chosen Richardson as their corporate headquarter office location.”
“The Hill & Wilkinson success story is a prime example of why it is so important for tenants looking to make a move to secure a trusted advisor to act on their behalf,” commented James Cooksey, Vice Chairman and President of Tenant Representation in Texas for Newmark. “Even though Hill & Wilkinson knew this was a great, centrally located asset ideal for its employees, they still needed to gauge the area office market, understand current and projected economic conditions as well as ownership requirements to ensure a favorable outcome in both the near- and long-term.”
Located in southeast Richardson, one of the hottest submarkets in DFW, the 121,420-square-foot 2703 Telecom Parkway provides a functional multi-tenant design, a generous 4.3:1,000 parking ratio and access via Telecom Parkway. Easy access to DFW International Airport and other major business centers throughout North Texas is offered and the 2-million-square-foot State Farm campus and CityLine development are located just to the west of the property.
Hill & Wilkinson will handle the tenant build out of its expansion space, focusing on building an integrated environment that is “reflective of our capability, refreshing our existing space, providing a unique work environment and expanding on growing division requirements,” concluded Driscoll.
“The City of Richardson was excited to do its part to facilitate the expansion of Hill & Wilkinson by waiving the project and infrastructure development, building inspection, and fire permit/inspection fees,” said Don Magner, the Deputy City Manager of Richardson. “Our team is standing by, ready to help make the project at 2701 Telecom Parkway a success throughout the build-out process.”
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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