Gaedeke Group just got new funding for its One Legacy West tower in Plano and is moving forward with plans to add a second building on the site. The Dallas-based developer and investor has enjoyed near-immediate success with its first 14-story, 307,824-square-foot facility.
JLL Managing Directors Tim Jordan and Mark Brandenburg secured the capital from Principal Real Estate Investors, on behalf of Gaedeke Group. “Office demand across North Texas remains high, with our strong economic fundamentals and tremendous quality of life attracting new companies to the region and encouraging organic growth from those already here,” Brandenburg said.
The Plano-Frisco area has been dominating the office game in DFW for the last few years. According to first-quarter 2019 stats from JLL, Far North Dallas has the highest office space inventory as well as the highest rate of absorption, delivering 300,000 square feet of new space and absorbing 671,148 square feet. Combined, Uptown and downtown Dallas posted just 168,539 square feet of net absorption. Las Colinas came in second with net absorption of 219,360 square feet.
Gaedeke owns about 3 million square feet of office space in Texas, Arizona, Florida, and Tennessee. Its new Two Legacy West tower is planned for about 300,000 square feet but could grow to 600,000 square feet, depending on demand.