Lakeside office leasing in 2021 received some attention from the recent sale of the Lakeside Professional Office by Realty Capital (master developer of Lakeside) to a group from Louisiana.
The two-story, 21,779-square-foot office building near the southeast corner of FM 2499 and Lakeside Parkway was completed just before the onset of the pandemic in late 2019. But despite the difficulties posed by COVID-19, the Lakeside Professional Office reached 100 percent occupancy by the end of 2021.
What’s attracting the office tenants?
“Being within walking distance of all the shops, restaurants, and services offered by the Lakeside mixed-use project played a key role in attracting the office tenants to this building,” said Jimmy Archie, managing director of Realty Capital Management (developer of the project).
“It is another great example of how employers are valuing the quality of life of their employees when selecting an office location.”
“Lakeside Professional Office’s Class A office space,” added Flower Mound Mayor Derek France, “is helping put Flower Mound on the map as a destination not just for living and playing, but also for working.”
Tenants in the building include Edward Jones, Wills Investments Group, Century 21 Judge Fite Company, Scroggins Law Group, Olimpia Splendid USA, The Sharma Group – Compass Real Estate, and Edge Team Technology.
Officials of Realty Capital Management, master developer of Lakeside in Flower Mound, announced the sale to J & A Frith Properties of Lake Providence, Louisiana, in mid-January.
Frith was seeking to expand its existing commercial property portfolio within the Dallas/Fort Worth area and exercised a 1031 exchange to acquire the property.
At the end of December, North Texas Vein & Vascular leased the final 5,554 square feet and will occupy the space in the second quarter of 2022.
“The sale of the Lakeside Professional Office will allow [Realty Capital] to pursue more Class-A office development opportunities in Flower Mound,” explained Archie.
One such example sits on the west side of FM 2499 less than a half mile south of the Lakeside Professional Office (and also within walking distance of The Shops at Lakeside).
In partnership with Staubach Capital, Realty Capital’s Archie developed the Lakeside International Office Center at 777 International Parkway that includes a four-story, 120,000-square-foot building and a two-story, 18,500-square-foot building along with a parking garage.
Despite hitting the market during the pandemic, Lakeside International Office Center is currently 82 percent leased.
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