Dallas-based Pillar Commercial announced Tuesday, May 24 that it is acquiring the former Nortel Network campus on Lakeside Blvd. in Richardson’s Telecom Corridor for $43.1 million.
Nortel received court approval to sell its U.S. headquarters earlier this month. This will be one of the last moves of the Nortel liquidation. The closing is set for June 3.
The 2-building, 800,000 SF office complex is one of the largest blocks of available office space in the suburban marketplace and includes a 16-story tower and adjoining research and lab facility.
“We are enthusiastic about this investment opportunity,” said Manny Ybarra, founder and prinicipal of Pillar Commercial.
The property’s creditors were represented by the CB Richard Ellis’ Gary Carr, Russell Ingrum, Eric Mackey, Jack Fraker and Josh McArtor.
Brian Carlton with Holliday Fenoglio Fowler helped secure financing, which was provided by ViewPoint Bank.