Category : Encore Office

Plano’s Shops at Willow Bend to Add New Seven-Story Office Building

Office Expansion at Willow Bend

A Dallas-based development firm — Encore Enterprises — plans to build a new office building next to The Shops at Willow Bend in Plano in hopes of meeting some of the demand for high-quality office space in the North Texas city.

The seven-story, 200,000-square-foot Class A office tower will sit adjacent to the mall’s food court and will be integrated into Dillard’s parking garage. The building could accommodate up to 800 employees.

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New York Life Real Estate Investors and Encore Office, LLC Close on the Acquisition of 5005 LBJ Tower in Dallas, Texas

LBJ Tower Featured

(New York) February 4, 2016 – New York Life Real Estate Investors and Encore Office, LLC announced the acquisition, on behalf of institutional investors, of 5005 LBJ Tower, formerly known as Occidental Tower. The 24-story, 549,170 square foot office building is strategically located at the northwest corner of the Dallas North Tollway and the newly re-constructed LBJ Freeway in Dallas.

Since 1992, the Class AA asset has been owned by Occidental Tower Corporation, a subsidiary of Dallas-based Occidental Chemical Corporation (OxyChem). The property is 94 percent leased to tenants including Susan G. Komen Foundation, Encore Enterprises, and OxyChem, which will remain as a tenant in the building. The prime top five floors of the property will become available in August.

“This unique, high quality asset is an excellent opportunity for us to invest in a key location in Dallas at a time when the revitalization of the Galleria area is just beginning,” said Scott Ingham, Director at New York Life Real Estate Investors.

“We could not be more pleased to have purchased this iconic property, which was made possible by the close relationship that we maintained over the years with Occidental,” said Patrick Barber, President and Chief Executive Officer of Encore Enterprises. “This transaction is incredibly meaningful to us as it is where we have headquartered our office since 2006,” said Dr. Bharat Sangani, Chairman of Encore.

The new ownership team intends to complete a multi-million dollar lobby renovation and make improvements to the overall campus. Renovations are expected to start within a few months and will include upgrades to the building’s amenities. Plans include a new conference facility, tenant lounge, and state-of-the-art fitness center. Stream Realty Partners has been awarded the management and leasing of the asset. J.J. Leonard, managing director, Sara Terry, vice president, and Chase Lopez, senior associate of Stream’s office division in Dallas will lead the leasing efforts for the property.

“There is a great deal of excitement about this acquisition with all entities involved. It’s one of the most iconic suburban assets in Dallas, combing unmatched quality, location and exposure for companies looking for high-quality office space,” said J.J. Leonard, managing director, Stream Realty Partners.

About New York Life Real Estate Investors New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company.

New York Life Real Estate Investors is a full service, fully-integrated real estate enterprise with more than 100 professionals. The division has market-leading capabilities in origination, underwriting, and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans, commercial mortgage backed securities, and unsecured REIT bonds. With over $45.6 billion in assets under management as of December 31, 2015, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.

About New York LifeNew York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States* and one of the largest life insurers in the world. New York Life has the highest possible financial strength ratings currently awarded to any life insurer from all four of the major credit rating agencies: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).**

Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life Investments*** provides institutional asset management. Other New York Life affiliates provide an array of securities, products and services, as well as retail mutual funds.

*Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/15/15. Read more about the methodology.
**Individual independent rating agency commentary as of 7/1/15.
***New York Life Investments is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary, New York Life Investment Management LLC.

About Encore Office, LCCEncore Office, LLC, a subsidiary of the Dallas-based Encore Enterprises, Inc, a commercial real-estate company, focuses on the acquisition, ownership, redevelopment and asset management of class “A” commercial office buildings across the United States.

About Encore Enterprises, Inc.Encore Enterprises, Inc. is a privately owned national real estate company founded in 1999 with corporate headquarters in Dallas, Texas. Encore develops, acquires, and manages hotels, multi-family communities, retail shopping centers, commercial offices, and public-private mixed use developments.

Burger 21 to Open in the Tower at Frisco Square

Burger 21 Franchise Opportunities Frisco, Texas

Encore Office, LLC, is pleased to announce the opening of Burger 21, an exciting new restaurant coming to the Tower at Frisco Square. Burger 21 will be seated on the first floor in suite 100 of the Tower at Frisco Square. Want to know how Burger 21 stacks up against the competition? Well, Burger 21 is named for the 21 different menu options that it will feature such as unique, chef-inspired beef and non-beef burger creations along with fresh salads, hand-crafted shakes, a gluten-free menu as well as craft beer and wine (view the menu here).

The fast-casual experience is paired with unbeatable options such as the famous BBQ bacon burger or the OMG! burger, providing a casual, unique and fun dining experience for the whole family. After celebrating its own grand opening, the Tower at Frisco Square is pleased to be quickly followed by the opening of Burger 21 on January 11, 2016.  This is the franchise’s debut in Texas, with existing locations in Arizona, Florida, Georgia, New Jersey, New York, North Carolina, Pennsylvania, and Virginia.

Encore Office Adds Denver, Colorado Property to Portfolio

Denver, Colorado Property

(Dallas, Texas) November 18, 2014 – Encore Office, LLC a division of the Dallas-based Encore Enterprises, Inc., has closed on a 2-story, 136,954 square foot office building in Centennial, Colorado, a suburb of Denver. The building, located at 6901 South Havana Street, was purchased as part of a joint venture with Middleton Partners and sold by Dividend Capital.

“Our office portfolio has grown substantially this year,” said Mark Cypert, President of Encore Office. “With the purchase and scheduled renovation of 6901 South Havana, we will be ending the fourth quarter in a strong position.”

The building will undergo extensive renovations to both the interior and exterior of the property. Updates will begin first quarter 2015, and include parking surface improvements, a new building entry, interior modernization, increased signage and enhanced landscaping.

“6901 South Havana offers one of the largest contiguous blocks of office space in Denver’s strong Southeast Suburban submarket,” said Bharat Sangani, Chairman of Encore Enterprises. “The property currently features abundant parking, large floor plates, multi-functional meeting rooms, a full-service cafeteria, and a variety of recreational amenities. The property’s premier location coupled with its fantastic amenities really make it stand out, and we are certain this will translate into new leases.”

The 18-acre site is large enough to also accommodate potential additional developments in the future, and has the ability to park up to a 7.5/1000 parking ratio.

About Encore Enterprises, Inc.
Encore Enterprises, Inc. is a privately owned national real estate company founded in 1999 with corporate headquarters in Dallas, Texas. Encore develops, acquires, and manages hotels, multi-family communities, retail shopping centers, commercial offices, and public-private mixed use developments. For more information, contact Encore Enterprises, Inc., or call (214) 259-7000. 

About Encore Office, LLC.
Encore Office, LLC is a privately held commercial real estate company focused on the acquisition, ownership, redevelopment and asset management of class “A” commercial office buildings across the United States. For more information, contact Encore Office, LLC., or call (214) 259-7000.

Encore Office Breaks Ground on The Tower at Frisco Square

(Dallas, Texas) August 22, 2014 – Encore Office, LLC, a subsidiary of Dallas-based Encore Enterprises, Inc., in conjunction with the City of Frisco, Gearbox Software, and Wolverine Interests have broken ground on The Tower at Frisco Square, a midrise, 166,051 square foot office building in Frisco, Texas. The mixed-use building will serve as the headquarters for Gearbox Software on two of the five floors, and offer retail, office, and restaurant space on the other three, including the XP Bar and Restaurant. The XP Bar and Restaurant will feature cuisine from executive chef David Michael themed around video games and information technology.

“This is a project that has been over three years in the making,” said Patrick Barber, CEO of Encore Enterprises. “It has taken tremendous dedication and perseverance on behalf of everyone at Encore, the City of Frisco, Wolverine Interests, and Gearbox Software.”

Construction for the project is being directed by Andres Construction and the building is slated for completion by the second quarter of 2015.

“As of today we are over 51% leased and we are moving forward with great momentum,” said Mark Cypert, President of Encore Office. “We expect to be fully leased by the first quarter of 2015.”

Featured speakers at the event consisted of President of Encore Office, Mark Cypert; CEO of Encore Enterprises, Patrick Barber; Randy Pitchford; President of Gearbox Software, Jim Leslie; managing partner at Wolverine Interests; and Mayor of Frisco, Maher Maso.

About Encore Office, LLC
Encore Office, LLC is a privately held commercial real estate company focused on the acquisition, ownership, redevelopment and asset management of class “A” commercial office buildings across the United States. For more information, visit Encore Enterprises, Inc., or call (214) 259-7000.

About Encore Enterprises, Inc.
Encore Enterprises, Inc. is a privately owned national real estate investment company founded in 1999 with corporate headquarters in Dallas, Texas. Encore develops, acquires, and manages hotels, multi-family communities, retail shopping centers, commercial offices, and public-private mixed use developments. For more information about Encore Enterprises, Inc., or call (214) 259-7000.

Encore Office Breaks Ground on The Tower at Frisco Square

(Dallas, Texas) August 22, 2014 – Encore Office, LLC, a subsidiary of Dallas-based Encore Enterprises, Inc., in conjunction with the City of Frisco, Gearbox Software, and Wolverine Interests have broken ground on The Tower at Frisco Square, a midrise, 166,051 square foot office building in Frisco, Texas. The mixed-use building will serve as the headquarters for Gearbox Software on two of the five floors, and offer retail, office and restaurant space on the other three, including the XP Bar and Restaurant. The XP Bar and Restaurant will feature cuisine from executive chef David Michael themed around video games and information technology.

“This is a project that has been over three years in the making,” said Patrick Barber, CEO of Encore Enterprises. “It has taken tremendous dedication and perseverance on behalf of everyone at Encore, the City of Frisco, Wolverine Interests, and Gearbox Software.”

Construction for The Tower at Frisco Square is being directed by Andres Construction and the building is slated for completion by the second quarter of 2015.

“As of today we are over 51% leased and we are moving forward with great momentum,” said Mark Cypert, President of Encore Office. “We expect to be fully leased by the first quarter of 2015.”

Featured speakers at the event consisted of Mark Cypert, President of Encore Office, Patrick Barber, CEO of Encore Enterprises, Randy Pitchford, President of Gearbox Software, Jim Leslie, managing partner at Wolverine Interests, and Mayor of Frisco, Maher Maso.

About Encore Office, LLC.
Encore Office, LLC is a privately held commercial real estate company focused on the acquisition, ownership, redevelopment and asset management of class “A” commercial office buildings across the United States. For more information about Encore Enterprises, Inc., visit encore.bz or call (214) 259-7000.

About Encore Enterprises, Inc.
Encore Enterprises, Inc. is a privately owned national real estate investment company founded in 1999 with corporate headquarters in Dallas, Texas. Encore develops, acquires, and manages hotels, multi-family communities, retail shopping centers, commercial offices, and public-private mixed use developments. For more information about Encore Enterprises, Inc., visit encore.bz or call (214) 259-7000.

Lowe’s Creates 1,000 New Jobs in Northwest Indianapolis, Selects Intech 12 as Building of Choice

Lowe’s has announced they will be bringing 1,000 new jobs to Indianapolis and have chosen Intech 12, one of our properties, as their office space of choice. It is always extremely gratifying to see our projects impact the local communities in a positive way.

Encore Office Closes on Two Forest Office Building in Dallas, TX

(Dallas, Texas) July 9, 2014 – Encore Office, LLC a division of the Dallas-based Encore Enterprises, Inc., has closed on Two Forest Plaza, a 196,215 square foot office building located in Dallas, Texas. The property was purchased from Parmenter Realty Partners.

“We are extremely excited about the addition of Two Forest Plaza to our office portfolio. The building has a strong tenant base and is well positioned to benefit from the DFW office market recovery and completion of the LBJ expansion,” said Mark Cypert, President of Encore Office. Major tenants of Two Forest Plaza include New York Life Insurance Company and La Madeleine, who is headquartered in the building.

The office building is located at 12201 Merit Drive, which provides convenient access to Central Expressway from Coit Road and to LBJ Freeway from Merit Drive. The High Five Interchange makes Park Central one of Dallas’ most convenient locations in the city, with quality access to the suburbs of North Dallas, the CBD to the south, Dallas North Tollway, Love Field Airport, DFW International Airport and Las Colinas to the west.

“We are excited to announce Encore Office’s closing of Two Forest,” said Bharat Sangani M.D., Chairman of Encore Enterprises. “The property offers a superior office environment that includes corporate architecture, mature landscaping, and access to numerous restaurants and amenities that include landscaped parks and hike and bike trails.”

About Encore Enterprises, Inc.

Encore Enterprises, Inc. is a privately owned national real estate investment company founded in 1999 with corporate headquarters in Dallas, Texas. Encore develops, acquires, and manages hotels, multi-family communities, retail shopping centers, commercial offices, and public-private mixed use developments. For more information about Encore Enterprises, Inc., visit encore.bz or call (214) 259-7000.

About Encore Office, LLC.
Encore Office, LLC is a privately held commercial real estate company focused on the acquisition, ownership, redevelopment and asset management of class “A” commercial office buildings across the United States. For more information about Encore Enterprises, Inc., visit encore.bz or call (214) 259-7000.

Encore Office Closes on Intech 12 Office Building in Indianapolis, IN

(Dallas, Texas) March 11, 2014 – Encore Office, LLC a division of the Dallas-based Encore Enterprises, Inc., has closed on the Intech 12 office building, a 2-story, 140,368 square foot office building in Indianapolis, Indiana. Atlanta-based Wells Management Company sold the building to a joint venture between Encore Office and Middleton Partners, LLC of Northbrook, Illinois.

“We are extremely excited about the addition of Intech 12 to our office portfolio. With the quality of construction, layout of the building, and favorable highway access, Intech 12 will appeal to tenants seeking larger space and dense parking requirements” said Mark Cypert, President of Encore Office.

Situated in the southwest quadrant of West 71st Street and Interstate 465 in the Indianapolis metro area, the Intech 12 building includes roughly 15,000 square feet of warehouse space.

From 2003 to August 2013, Eli Lilly and Company’s information technology department occupied the building. Constructed in 2000, the entirety of the building is currently available for lease.

“We are tremendously pleased with Encore Office’s expansion into the Indianapolis market, as Encore continues to strategically grow its office portfolio” said Bharat Sangani M.D., Chairman of Encore Enterprises.

About Encore Enterprises, Inc.

Encore Enterprises, Inc. is a privately owned national real estate company founded in 1999 with corporate headquarters in Dallas, Texas. Encore develops, acquires, and manages hotels, multi-family communities, retail shopping centers, commercial offices, and public-private mixed use developments. For more information about Encore Enterprises, Inc., visit encore.bz or call (214) 259-7000.

About Encore Office, LLC.

Encore Office, LLC is a privately held commercial real estate company focused on the acquisition, ownership, redevelopment and asset management of class “A” commercial office buildings across the United States. For more information about Encore Enterprises, Inc., visit encore.bz or call (214) 259-7000.

Understanding Consumer Confidence: U.S. Economy & Commercial Real Estate Markets

This post is the second installment of the U.S. Economy and Commercial Real Estate Markets series presented by Mark Cypert at the Encore Wealth Breakfast on 12.12.12.

Last week I reviewed the fiscal cliff and discussed what the U.S. economy would look in the coming year like given a variety of possible scenarios. Today I will look at consumer confidence, the second part of the equation when determining economic outlook. My third and final installment, on understanding unemployment, will follow.

Loosely defined, consumer confidence represents how buyers feel about the current and future state of the economy. Because consumer confidence impacts consumer expenditures, which account for approximately 70% of total U.S. economic output as measured by GDP, a high amount of consumer confidence represents a positive relationship with economic growth. While growth may be occurring at a promising and steady rate, the large drop in consumer confidence that occurred during the recession makes the climb back up to “normal” levels a slow and steady one. Though consumer sentiment has trended upward since 2009, it remains below pre-recession levels due to a combination of high unemployment rate, a housing bust, the financial crisis, and continued fiscal uncertainty.

UnemploymentConsumer Confidence: Percent Job Losses in Post WWII Recessions Graph According to the U.S. Bureau of Labor Statistics, October 2012 saw 5 million workers be unemployed for 26 weeks or more. Though this is generally trending downwards, the number of unemployed people remains very high. As an integral component to consumer confidence, unemployment rates must be reduced in a drastic manner to boost confidence. (This discussion on unemployment is by no means exhaustive, and will be analyzed in greater detail in the following blog post.)

Housing Market Consumer Confidence: Real House Prices Graph U.S. home prices, another substantial piece of the consumer confidence puzzle, tell a similar story. Currently, U.S. home prices are 30.9% below their peak 2007 values and, adjusting for inflation, home values have reverted back to the levels of 1999-2001. While this too may seem as a relatively bleak depiction of the housing market, it is important to remember that these indicators are trending in a positive direction in light of the damage done by the great recession.

Consumer Confidence: Consumer Debt Graph
Image from calculatedriskblog.com
Consumer Debt Consumer debt has continued to trend downward since mid-2008 but student loan debt has continued to increase. Despite the growing student debt, the overall consumer debt is trending downwards. This downward trend represents a positive indicator for overall consumer confidence.

Monetary PolicyConsumer Confidence: Monetary Policy/FedFunds Rate Graph The U.S. Federal Reserve monetary policy has also had a significant impact upon total economic output. While the Federal Reserve does hold the tools to manipulate the U.S. economy the fastest and in the most direct manner, their ultimate goal remains to provide economic stimulus but not so much that high inflation becomes a problem. Due to the monetary policy, inflation is currently running near its 2% target growth. The Federal Reserve both has indicated that they intend to keep the target range for the federal funds rate, the interest rate at which banks lend their excess balances to other banks overnight, at 0 to 0.25% through at least mid-2015. It is important to note that this has been set to historically low rate to spur economic growth, and will likely never remain at such a level. While commercial banks do continue to deal with problem loans, the overall commercial lending to fuel business growth continues to trend upward.

Conclusion
Given the above mentioned economic indicators, it is abundantly clear that consumer expenditures, subdued inflation, historically low interest rates and a recovering lending environment have all contributed to the growth of consumer confidence as well as a 2% growth (adjusted for inflation) of the U.S. economy as a whole. If the Fed is keeping rates historically low to stimulate continued economic growth and the supply of capital to find business expansion continues to increase, businesses will continue to witness a drastic increase in corporate profits. Though corporate profits started to rebound midway through the previous recession due to expense cutting, revenue growth has allowed for a rapid increase in corporate profits to record high levels. Over time, profitable business owners tend to expand their workforce if they are confident that prospects for revenue growth can be sustained.

Mark Cypert serves as president of Encore Office. He is a senior lecturer for the CCIM Institute with his specialty being in commercial real estate market analysis. For his full biography, click here.

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