Plans May Change for Concourse Pad Site

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When Regent Partners purchased the $1.2 million Concourse Office Park from TIAA-CREF last year, plans for an apartment tower on an undeveloped pad site within the office park were released. But the Central Perimeter submarket has changed dramatically over the past 18 months and State Farm has gobbled up nearly every remaining block of office space over 50,000 SF. Central Perimeter’s increasing absorption rates and decreasing vacancy rates have caused Regent Partners to rethink their apartment tower plans and consider the possibility of constructing a mixed-use office tower. If they do decide to construct an office-focused tower, Regent Partners could possibility attract one of the major tenants shopping around in the Central Perimeter market like Intercontinental Hotel, including Group (IGH) and Fiserv.

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