Ryan Cos. Breaks Ground on Dallas-Area Tower

2 min read

ACORE Capital provided a $125 million construction loan for the 23-story project.

Ryan Tower. Rendering courtesy of Ryan Cos

After announcing plans for a Class AA office tower last October, developer Ryan Cos. broke ground on the 409,000-square-foot Ryan Tower in Plano, Texas. The Minneapolis-based firm teamed up with Koch Real Estate Investments, the real estate investment division of Koch Industries, which will provide equity capital.

Meanwhile, ACORE Capital funded the $125 million construction financing for the project, Collin County records show. Ryan Tower is anticipated to come online in the third quarter of 2024.

The multi-tenant office building is already preleased to Ryan LLC, a global tax services, software and technology firm with no affiliation to Ryan Cos., which will occupy half of the property. The anchor tenant will relocate its global headquarters from the 533,419-square-foot Three Galleria Tower in Dallas. The contract includes a 15-year term with five five-year renewal options, public records show.

Ryan Cos. selected JLL to market the remaining 200,000-square-foot of office space across floors 12 through 19. The leasing team includes JLL Vice President Ahnie Sheehy and Senior Managing Director John Brownlee.

Notable corporate tenants in the area include FedEx, Toyota, NTT Data, JP Morgan and Liberty Mutual, among others. At the beginning of the month, tech company Doosan Robotics Inc. announced plans to establish its U.S. headquarters at 7950 Legacy Drive roughly a mile away from the upcoming Ryan Tower. As of October, the 14-story tower will be home to Doosan Robotics Americas.

READ ALSO: Texas Among Five States That Are Corporate Relocation Magnets

The 23-story office tower will take shape on a 3.6-acre site enclosed by Communications Parkway, State Highway 121 and Windrose Drive, in the heart of Legacy West. Designed by Gensler, the property will offer floor-to-ceiling windows spanning 10 feet, along with 29,000-square-foot floorplates.

The high-rise will feature a fitness center, several conference rooms, a tenant lounge, a café, landscaped green space and bike storage. Ryan Tower is targeting Fitwel certification.

As of mid-June, the Dallas-Fort Worth metro’s development pipeline included 52 projects totaling more than 9.8 million square feet of office space, CommercialEdge shows. Developers are also working on an additional 92.3 million square feet of office developments, which are still in the planning and permitting stages.

Recently, Granite Properties secured a nearly $40 million construction loan for the second phase of Granite Place in Southlake, Texas. The 143,500-square-foot Granite Place II at Southlake Town Square is expected to be delivered in 2023.

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