October 18, 2019
Spear Street Capital worked a deal with Royal Bank of Canada to obtain $155 million in financing for Galatyn Commons, an 800,000-square-foot office campus in Richardson, TX. The San Francisco owner shopped three of the four buildings for sale in spring, 2019, but didn’t sell. As of now, the properties are close to 100% occupied with tenants including Goldman Sachs, Service King and Raytheon.
The campus, on Glenville Drive, was a build-to-suit U.S. headquarters for telecom firm Nortel Networks. The property also housed State Farm, which ended up relocating to CityLine, just up the road. Spear Street acquired the close-to-empty campus in 2014, investing $45 million on upgrades, including a full-service cafeteria, coffee shop, conference center and large employee lounge.
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