Billingsley starts two Dallas-area office buildingsBillingsley starts two Dallas-area office buildingshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=68642013-07-10T09:27:00Z2013-07-10T00:00:00Z

PLANO - Billingsley Co. has started construction on two office buildings — one in Plano and the other in the developer’s new Cypress Waters project on I-635.

In Plano, Billingsley is constructing a 180,000-sf building at 6111 W. Plano Pkwy., northwest of the intersection of the Dallas North Tollway and SH 190. The building estimated cost of construction is $14 million, according to state filings.

When completed next summer, the project will house a 100,000-sf headquarters for ReachLocal Inc. ReachLocal, an Internet marketing firm, already has an office in Billingsley’s International Business Park at 6400 International Pkwy.

Billingsley has also started a three-story, 180,000-sf speculative building east of Belt Line Rd. in its 1,000-acre Cypress Waters development. Value of construction for Cypress Waters Building I is valued at $12 million, according to state filings.

The office project is the first of several planned on a new campus that will join hundreds of apartments Billingsley is developing in the area between North Lake and LBJ Fwy.

Construction started on Cypress Waters last year, and the first apartment residents have already moved in.

The building at 8951 Cypress Waters Blvd. will open in mid-2014.

At the end of second quarter, more than 4 million sf of office space was under construction in the Dallas-Fort Worth area. That’s almost four times the office building activity in North Texas in mid-2012.

Local office vacancy rates have fallen to the lowest level in a decade.

Dallas Morning News
Dallas-Fort Worth-Arlington
http://www.dallasnews.com/business/commercial-real-estate/headlines/20130708-developer-billingsley-starts-two-dallas-area-office-buildings.eceRead more at {Source}

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