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News release

DALLAS, TX

Westcott LLC and JaRyCo Development LLC Select Jones Lang LaSalle to Lease New Office Development in North Tollway Corridor

Multi-phase office park with potential to reach +750,000 square feet


DALLAS, July 18, 2012 – Jones Lang LaSalle today announced that the firm has been selected by Westcott LLC and JaRyCo Development LLC to lease a new multi-phase, Class-A office development situated on 28-acres in the Far North Dallas submarket.  Preston Bend Office Park is bound by Preston Road to the west and Headquarters/Razor Boulevard to the north. The initial phase of development, which has been named Preston Bend One, is an expandable, three-story, 109,988-square-foot Class-A office building with frontage along Preston Road.

Jones Lang LaSalle Executive Vice President James Esquivel and Senior Vice President Sandie Matejek will lead the leasing and marketing efforts on behalf of JaRyCo, an Allen-based development company founded by Bruce Heller.
“Preston Bend Office Park has the potential to build out over 750,000 square feet and will allow tenants the opportunity to office in a corporate campus environment,” said Esquivel. “We are in the early stages of design and the opportunity for a tenant to modify the plans to their needs and specifications is still an option.”

The project site has been owned by Westcott LLC for a number of years. Westcott LLC and JaRyCo Development LLC have teamed together on numerous projects over the last nine years.

“We have looked at options with JaRyCo for this land over the years, but never felt the conditions were right to proceed,” indicated Court Westcott with Westcott LLC. “Given the current market recovery and new challenges facing corporate America, the time to proceed with Preston Bend One is now,” added Chart Westcott.  

Preston Bend One overlooks a wooded creek area, features efficient floor plates totaling 36,000 square feet, surface and structured parking with a ratio of nearly 5.0/1000, and convenient access via Highway 121 and the Dallas North Tollway.   Area amenities include Stonebriar Mall, Children’s Medical Center at Legacy, Hotel NYLO and an abundance of retail and restaurants located within the Shops at Legacy and along Preston Road.

“After a thorough market analysis, we know there’s a healthy demand for niche development of this calibre,” said Bruce Heller, President of JaRyCo.  “Preston Bend represents our solution to corporate market fundamentals; it will deliver high quality work space to help companies grow their workforce while still providing a positive impact to their bottom line.”  

According to Jones Lang LaSalle research, the Class-A vacancy rate in Legacy area has decreased to 10.7 percent and demand is expected to increase as a result of interest from corporate users.  Other corporate tenants in the area include McAffee and Capital One.
 
About Westcott LLC
Westcott, LLC is a family based organization specializing in venture capital and private equity investments in various industries including real estate development and investment, communications, internet-based ventures and retail services and has owned this 30 acre site in Plano, Texas for almost 20 years. Carl Westcott, Court Westcott and Chart Westcott, along with long-time Westcott family associate Jack T. Smith each maintains an integral involvement with all Westcott, LLC investments.  Affiliates of Westcott LLC are partners on a number of projects developed by JaRyCo Development LLC over the past 9 years.

About JaRyCo Development LLC
JaRyCo Development LLC, founded in 2001, specializes in high quality office, medical office and hospital projects throughout the state of Texas. Typically a long term owner, JaRyCo projects included building features that provide long term value both for their tenants as well as their investment partners. JaRyCo’s President, Bruce R. Heller, is a registered architect and has been involved in the design, construction and real estate development industry for over 33 years completing over 3.5 million square feet of projects during that time. Previous projects include the BNRR headquarters in Ft. Worth, DART’s headquarters in Dallas, Twin Creeks Medical Center and Hospital in Allen and the Reliant Hospital in Austin. Currently, JaRyCo is the project manager for the Ericsson Plano Campus project under construction two miles west of this site. For further information, please visit www.jaryco.com
 
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2011 global revenue of $3.6 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices.  The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 2.1 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with $47.2 billion of assets under management. For further information, please visit www.joneslanglasalle.com.