DALLAS, TX--(Marketwired - Aug 6, 2015) - CNL Commercial Real Estate announces today the completion of a 232,000 square foot, 12-year lease on behalf of GEICO.
CNL Commercial Real Estate, in partnership with CenterSquare Investment Management, purchased the former Fossil Watch Headquarters building complex, located at 2280 North Greenville Avenue, at the end of last year. The Complex includes a 192,000 square foot, two-story office building and accompanying 135,000 square foot warehouse building.
CNL Commercial Real Estate is renovating the office building and, in lieu of converting the warehouse building into more office space, the company will instead transform the warehouse into covered parking for GEICO employees, giving the building one of the highest parking ratios in the entire market and making it one of the most attractive back office buildings in Dallas. CNL Commercial Real Estate will also be expanding the office building by an additional 40,000 square feet to accommodate GEICO's needs.
"We are honored to play a role in the GEICO's journey to its new home," said Pryse Elam, principal and president of development and investment at CNL Commercial Real Estate. "Our team brings an enormous level of passion and creativity to every project, and this one is no different. We couldn't be more excited for the entire GEICO team."
CNL Commercial Real Estate was drawn to the Richardson submarket due to high activity in the area, evidenced by the new two million square foot State Farm Headquarters building. Following its success with GEICO, CNL Commercial Real Estate is continuing to survey the region for additional opportunities.
About CNL Commercial Real Estate
CNL Commercial Real Estate offers a full range of commercial real estate services, including leasing and management, tenant representation, project management, facilities management and brokerage services, as well as a development and investment platform. It operates in all sectors of commercial real estate, including office, retail, industrial and multifamily. For more information, visit http://cnlcre.com/.
About GEICO
GEICO (Government Employees Insurance Company) is a member of the Berkshire Hathaway family of companies and is the second-largest private passenger auto insurance company in the United States. GEICO, which was founded in 1936, provides millions of auto insurance quotes to U.S. drivers annually. The company is pleased to serve more than 13 million private passenger customers, insuring more than 22 million vehicles (auto & cycle).
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