News
YOUR CALLS ARE ANSWERED
May 24, 2011
| When tech/phone giant Nortel filed for bankruptcy in '09, many wondered about the fate of its 800k SF HQ in Richardson?s Telecom Corridor. Now we know. |
 |
| Pillar Commercial acquired the pair of buildings on Lakeside Blvd in its largest acquisition since forming in '04, and closing is scheduled for June 3. The Dallas Central Appraisal District lists the market value at $47M. CB Richard Ellis' Gary Carr—who, with colleagues Russell Ingrum, Eric Mackey, Jack Fraker, and Josh McArtor, repped the creditors handling the sale—says Pillar's track record should make this acquisition work well. Pillar founder Manny Ybarra tells us he's excited about establishing a strong presence in the Telecom Corridor, which is poised for a rebound owing to the strong resurgence of the high-tech industry. HFF's Brian Carlton helped secure financing from Viewpoint Bank. |
