{"id":1004029768,"date":"2011-05-26T07:00:33","date_gmt":"2011-05-26T15:00:33","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004029768"},"modified":"2022-12-06T02:12:01","modified_gmt":"2022-12-06T10:12:01","slug":"pillar-buys-former-nortel-hq","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/pillar-buys-former-nortel-hq\/","title":{"rendered":"Pillar Buys Former Nortel HQ"},"content":{"rendered":"<p>May 25, 2011<br \/>\nBy Barbra Murray, Contributing Editor<\/p>\n<p><a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/05\/Nortel-Campus.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004029769\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/pillar-buys-former-nortel-hq\/nortel-campus\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/05\/Nortel-Campus.jpg\" data-orig-size=\"320,233\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Nortel Campus\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/05\/Nortel-Campus.jpg?w=320\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/05\/Nortel-Campus.jpg\" alt=\"\" title=\"Nortel Campus\" width=\"300\" height=\"218\" class=\"alignright size-medium wp-image-1004029769\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/05\/Nortel-Campus.jpg 320w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/05\/Nortel-Campus.jpg?resize=300,218 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>Pillar Commercial is the new owner of the former Nortel Networks Inc. U.S. headquarters in Richardson, Tex., courtesy of a $43.1 million transaction. Pillar, which took the two-building, 807,40-square-foot complex off the hands of creditors as part of Nortel\u2019s bankruptcy proceedings, calculates that the property\u2019s high-tech infrastructure plus its location in the city\u2019s reviving Telecom Corridor will equal success. \u201cDemand for office space is increasing dramatically,\u201d Manny Ybarra, Pillar founder and principal, told <em>CPE<\/em>.<\/p>\n<p>Nortel\u2019s one-time home-base, built specifically for the telecommunications company 20 years ago, occupies approximately 18 acres just 15 miles north of Dallas and within close proximity of a light rail station and the mixed-use Galatyn Park Urban Center district. The campus includes the 16-story tower encompassing 413,300 square feet at 2201 Lakeside Blvd. and a 394,100 square-foot research and laboratory building at 2221 Lakeside. Perhaps the property\u2019s most distinguishing feature is its modern technological and mechanical infrastructure with data center, telecommunications and power generating capabilities.  <\/p>\n<p>Commercial real estate services firm CB Richard Ellis came aboard in January of this year to commence an aggressive marketing campaign that ultimately resulted in nine firm bids before the bankruptcy court signed off on the purchase and sale agreement between Pillar and Nortel in May. Pillar turned to Holliday Fenoglio Fowler L.P. to orchestrate financing, which was provided by Viewpoint Bank. <\/p>\n<p>Pillar has preliminary plans to spend several hundred-thousand dollars to update the property\u2019s lobby and make a few cosmetic upgrades to complete the company\u2019s scope of improvements for both buildings, thereby enhancing the complex\u2019s ability to attract top tenants. \u201cOver the last six to eight months we\u2019ve seen a resurgence of the telecom industry,\u201d Ybarra said. \u201cWe\u2019re seeing a lot of interest from large corporate users in both the telecom and tech industries, looking to add a substantial number of jobs and make a significant investment in new facilities.\u201d<\/p>\n<p>Pillar\u2019s purchase of the former Nortel campus marks the seven-year-old company\u2019s largest acquisition in its history.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The $43.1 million transaction represents Pillar&#8217;s crack at capitalizing on the rebirth of the Dallas-area tech market.<\/p>\n","protected":false},"author":936,"featured_media":1004029769,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21781,21742,21747,21787],"tags":[],"class_list":["post-1004029768","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-real-estate","category-latest","category-office","category-technology"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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