New nine-story office tower planned for Allen

A new nine-story Class A office tower is planned for Allen.

Allen-based commercial real estate investor and operator Pillar Commercial and Oklahoma-based Hall Capital have partnered to develop One Bethany North, a new 225,000-square-foot tower in the Watters Creek business district, the group announced Tuesday.

The site will be located on a 1.6-acre parcel at 701 S. Watters Road, directly across from the Delta by Marriott Convention Center hotel. The Allen Economic Development Corporation owns the property and is working on an incentive package to begin construction, the group said.

The property’s courtyard will feature outdoor seating and green space. Amenities include pickleball courts, putting greens and a fitness center. A 3,500-square-foot retail area will also be part of the planned development.

Pillar Commercial and Hall Capital will develop construction plans in the coming months. Construction will take 18 to 24 months and the estimated construction cost will exceed $100 million, the companies said.

“It is an absolute privilege to partner with Hall Capital and the Allen EDC in promoting and developing this exceptional office tower concept,” said Manny Ybarra, founder and CEO of Pillar Commercial, in a statement. “Allen continues to attract high-quality corporate users and we are excited to be part of the community’s next growth evolution.”

The announcement comes after Pillar Commerical and Hall Capital sold Class AA office space at One Bethany East in Allen in an off-market transaction. Collin County land records show the property was transferred to the Credit Union of Texas. The credit union is headquartered at One Bethany East, The Dallas Morning News previously reported.

The group purchased that property in 2021. Pillar and Hall also teamed up last year to purchase One Bethany West, One Bethany East’s sister office building. One Bethany West has nearly 200,000 square feet of space across its eight floors.

Pillar Commercial will lead marketing and leasing efforts for the new office complex. Allen EDC said it is prepared to offer tenants of the new office tower similar incentives as NetScout and semiconductor manufacturer Onsemi did when they moved their corporate headquarters to Allen.

“Tenants are increasingly looking for best-in-class office buildings that are not only within walking distance to shopping and restaurants, but also close to where employees live,” said Dan Bowman, Executive Director and CEO of Allen EDC. “One Bethany North is in the right location to help companies bring their employees back to the office, and we look forward to working with Pillar Commercial and Hall Capital to make this vision a reality.”

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