Foundry Business is growing its seventh office-to-industrial conversion challenge and its second within the Dallas market. The corporate will substitute a 250,000-square-foot, Eighties period workplace constructing with two industrial belongings totaling greater than 300,000 sq. ft of house in Plano, Texas. Demolition work is about to start this month and the developer expects to finish each new buildings by the primary quarter of 2026.
Foundry acquired the workplace constructing and the related 22 acres of land earlier this 12 months. Dallas-based Thirty-4 Business was engaged by the unidentified vendor to market the property to workplace customers. Because the market shifted and the demand for Class A industrial provide elevated, the brokerage agency reached out to Foundry to purchase the property.
Plano Midpoint will rise at 2700 W. Plano Parkway, the previous website of Transamerica’s Plano workplace, which has been vacant since Might 2020. The property is simply north of the President George Bush Turnpike and a few 21 miles from downtown Dallas.
Foundry will demolish the workplace constructing and substitute it with two industrial services measuring 226,900 sq. ft and 96,100 sq. ft. Each buildings will characteristic 32-foot clear heights.
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Jim Traynor, Foundry’s Developments & Investments deal principal for the Dallas space, stated in a ready assertion the speculative challenge, the one one in Plano, meets a crucial want for industrial house within the metropolis the place zoning for mild industrial is uncommon.
The Metropolis of Plano accepted a $750,000 grant for Foundry Business in June for the conversion challenge. The approval requires Foundry to construct a minimal of 300,000 sq. ft of producing, industrial, workplace and analysis and growth house on the website and make property enhancements value no less than $21 million by late December 2026.
Foundry’s different conversion initiatives
Along with Plano Midpoint, Foundry’s different office-to-industrial conversion within the Dallas market is Horizon Touchdown, underway at 4000 Horizon Approach in Irving, Texas. The primary constructing is slated for completion later this 12 months.
Foundry acquired the 24.2-acre property, together with a two-story, 287,000-square-foot workplace constructing constructed in 1999, in December 2023. The positioning will quickly characteristic three rear-load warehouses totaling 337,000 sq. ft. The conversion challenge will characteristic as much as 70 trailer parking stalls or exterior storage on a further 2.4 acres.
Foundry’s D&I platform has more and more been specializing in these strategic asset conversions in infill places as demand for industrial properties grew whereas workplace vacancies elevated. The platform has 5 different conversion initiatives in varied phases of growth and predevelopment, with extra deliberate sooner or later. The corporate is demolishing greater than 1 million sq. ft of out of date workplace buildings and changing them with about 2 million sq. ft of commercial house over the following 18 months.
Foundry is just not the one developer with office-to-industrial conversions underway or accomplished. It’s a rising CRE development, notably in suburban markets with out of date workplace house and robust demand for industrial properties close to cities like Los Angeles, Chicago and Atlanta.
