Case Studies • Press

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Nationally recognized and considered a pioneer in the New Urbanism Movement, Addison Circle is an award winning, transit-oriented mixed-use development. The property is centrally located within the Dallas-Fort Worth MSA, one of the fastest growing areas in the US. This high-density, mixed us development has served as a nationwide catalyst for planning and development concepts centered on walkability and access to public spaces, residential, retail, entertainment, hospitality, and major employment hubs. Castlegregory CRE is currently working as real estate advisor to the Town of 

Addison to "complete the circle." Specifics include:

• Land Area: ±18.5 acres
• Est. Development Value: ±$500 million
• Est. Completion: 2028
• Uses: Mixed-Use Multifamily, Retail, Office & Hotel
• Developers: AMLI Residential & Quadrant Investment Properties (QIP)

Verizon Enters $344 Million Sale Leaseback for Hidden Ridge Campus in Irving

by Chaka Baker • CoStar • 8.19.16

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Verizon Communications has once again engaged financial services firm Mesirow Financial in a massive sale leaseback after having disclosed it has finalized a $344 million agreement that will keep the broadband telecommunications giant in its Verizon Hidden Ridge campus in Irving, TX on a new 20-year lease. Verizon and its predecessor, GTE, have operated out of the 1.15 million-square-foot Hidden Ridge campus since its construction in 1991. The site, which operates as the company's regional headquarters, currently houses roughly 2,800 full-time employees and contractors with plans to boost that number to 3,500 employees by year-end. Situated at 600-700 Hidden Ridge, the campus also sits adjacent to a 110-acre site Verizon owns and recently secured approvals for to integrate transit-oriented developments. Potential plans include a mixed-use office park that would be served by a planned DART rail stop. Mesirow Realty Sale-Leaseback, a division of Mesirow, acquired the campus in a transaction that represents one of the largest single-tenant sale leaseback sales ever in suburban Dallas. In addition to the lease agreement, Mesirow Financial has provided Verizon with a $20 million tenant improvement allowance. Verizon will also retain a subdivided portion of land for future development. In May 2015, Mesirow purchased Verizon’s 1.4 million-square-foot operations center in Basking Ridge, NJ for $650.3 million. Pursuant to 

that transaction, Verizon leased back the 

entire facility on a 20-year deal.

Jim Jordan, David Wenk, Robert Elms, Mark Todrys, Maureen Kelly, Anthony Pasqual and Benjamin Lushing of Cushman & Wakefield's corporate finance and investment banking group, in collaboration with Josh Kuriloff of Cushman & Wakefield’s New York office brokerage group, handled the disposition on behalf of Verizon. Garry Cohen and Douglas Barker, with legal representation by Goldberg Kohn, provided in-house representation for Mesirow Realty Sale-Leaseback.John Vazquez, senior vice president and head of global real estate for Verizon, along with James Tousignant, DJ Decker and internal Verizon counsel Steven Cohen, lead the Verizon team.

Chili's Parent Company Brinker has sold its old headquarters complex on LBJ Freeway

by Steve Brown • Dallas Morning News • 4.10.18

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Restaurant firm Brinker International - which is building a new headquarters in the Cypress Waters development northwest of Dallas - has sold its old digs on LBJ Freeway. The 110,000-sq-foot 

office complex at LBJ and Hillcrest Road was purchased by a real estate investment partnership created by Addison-based Serra Real Estate Capital. Terms of the sale were not disclosed. The new owners have leased the building to Dallas County, which plans to consolidate several offices into the building. "There were a lot of potential buyers interested in the property due to its central location, well-maintained building, and the park-like setting the site," 

Cushman & Wakefield executive director Maureen Kelly Cooper said in a statement. "This building has served Brinker International well for more than 30 years, and it will be a great location for Dallas County for many years into the future." Kelly brokered the sale of the building along with Cushman & Wakefield's Rick Hughes and Robbie Baty. Brinker International Inc. - owns Chili's Grill & Bar - is moving its office late this year or early in 2019 to the Cypress Waters development near Belt Line Road and LBJ.The old, 

7.5-acre campus was built in 1983.