LUBBOCK, Texas (PRESS RELEASE) — The following is a press release from Coldwell Banker Commercial Capital Advisors:
Pyramid Plaza Office Building, LP, of Lubbock, Texas has announced the purchase of Pyramid Plaza, located at 3223 S. Loop 289 in Lubbock. The 116,000 sq. ft. (gross) property was purchased by a group of local investors that have plans to modernize and update the office building over the next few months. The renovation of the property includes an elevator modernization program that will begin immediately as well as upgrades to the common areas of the building, a new exterior lighting plan, and parking lot improvements. In addition, individual suites in the building will be remodeled with updated finishes for new and renewing tenants.
“Pyramid Plaza has been a Lubbock landmark since the early 1980s and has recently experienced a period of higher-than-normal vacancies driven by an ownership structure that has not been willing to reinvest in the property for it to remain as a viable option for office space users. As local owners, we intend to renovate and reposition the asset so that it can be a strong and viable place for people to office for the next 40 years,” noted David Long, MD, and Sam Hawthorne, two of the principals with the new ownership group. Long and Hawthorne continued, “When we were considering the purchase of the Pyramid Plaza, we were struck by how many people in Lubbock told us stories of having officed in the Pyramid in the past, or, walking in and being impressed by the open atrium and feel of the building. We want to build on the positive memories that people have of the building and reposition the building so that it is one of the most desirable buildings for companies to select for their next office.”
Pyramid Plaza Office Building, LP has retained Coldwell Banker Commercial Capital Advisors to continue providing property management and leasing services for the property. Scott Womack, Property Manager and Leasing Agent with Coldwell Banker Commercial, states, “We are pleased to continue our association with the property. I feel that Pyramid Plaza has a place in our office market and the plans to upgrade the facility and provide desirable office space for Lubbock tenants will make having an office at Pyramid Plaza even more desirable than it has been in the past.”
Scott Womack partnered with Darrell Betts of Avison Young of Houston to market and sell the asset on behalf of Gemini Rosemont Real Estate. The purchasers were represented by Jordan Wood and Taylor Tucker of Coldwell Banker Commercial Capital Advisors. Womack states, “While the property was marketed nationally, we were very excited to be approached by local investors that understood the history of Pyramid Plaza and had a desire to reposition the building in the market. I believe that local ownership will be the key to ensuring the long-term success of the property.”
For further leasing information on Pyramid Plaza, contact Scott Womack at Coldwell Banker Commercial Capital Advisors, 4918 South Loop 289, Lubbock, TX 79414. Phone (806) 784-3265.
(Press release from Coldwell Banker Commercial Capital Advisors)