Irving: Developer Pushes Minimum $30M in Las Colinas Office Building Improvements
Featured Photo (above): A Dallas developer proposes a multimillion-dollar renovation of a Las Colinas-area office building in order to attract a Fortune 500 company to lease space for corporate headquarters. Image: Google Streets
By Edmond Ortiz Irving (Dallas County)—A Dallas developer proposes at least $30 million in capital improvements to a vacant 403,150-square-foot office building with an eye toward luring a Fortune 500 company headquarters.
Irving City Council will meet June 4 to consider an economic incentive agreement between the city and JP-1925-JCF LP, owner of the five-story Las Colinas building at 1925 W. John Carpenter Freeway.
The property owner is a shell company attached to JP Realty Partners.
The office building owned by JP Realty Partners is located in the Las Colinas neighborhood, and close to the corporate headquarters of McKeeson Corp., a healthcare resource company. Image: Google Maps
The developer proposes a 75% reimbursement on all taxes paid on the office building through June 30, 2038. In exchange, the city asks the property owner to land a Fortune 500 tenant to lease at least 240,000 square feet for a corporate headquarters for a minimum 14 years.
The city also is requesting a minimum capital improvements investment of $30 million, including construction of a 1,000-space parking garage.
According to project documents and local media reports, JP Realty has not yet revealed the anchor tenant for the office building, which was built in 1987 and contains a 21,440-square-foot basement.
CBRE is marketing the property. VBX members may track this project using ID number: 2020-4358.
McKeeson Corp., a Fortune Global 500 company focusing on healthcare systems and medical supplies, runs its corporate headquarters next to the property in question.
Edmond Ortiz is a lifelong San Antonian and a 20-plus-year veteran in local journalism, He previously worked full-time at the San Antonio Express-News, and has been freelancing for outlets such as the Rivard Report.