New York investment firm buys Plano office portfolio

Dallas Business Journal

June 7, 2021

By Ryan Salchert

A fund controlled by New York City-based DRA Advisors has acquired a seven-building office portfolio in Plano.

The Legacy R&D office campus consists of 374,085 square feet of office space. It is located on 40 acres at the corner of Tennyson Parkway and Pinecrest Drive. Completed between 2006 and 2012, the buildings feature significant clear heights, dedicated exterior entrances to tenant suites and a six per 1,000 parking ratio. The campus was 85 percent leased at the time of its sale.

Florida-based real estate firm Accesso sold the property, which it had owned since 2012. The terms of the deal were not disclosed. Gary Carr, Chris Murphy, John Alvarado and Robert Hill of Newmark represented the seller in the transaction.

“This sale reflects the significant uptick in demand we have seen from tenants and investors alike for single-story research and development space with existing healthcare and life science tenancy, providing a strong base for future re-positioning towards these niche product types,” said Murphy in a prepared statement. “Competitive interest in the Legacy R&D portfolio was also driven by the property’s expansive site, unique building features and exceptional Legacy address.”

As of Monday, DRA’s various funds own 555 commercial properties in 35 states, according to its website. This includes over 15.6 million square feet of office space, 54.2 million square feet of industrial space and 21.8 million square feet of retail. In addition, the company owns more than 100 properties in Texas alone.