Facility Will Consolidate Three USCIS Metroplex Locations
Trammell Crow Company and Elm Tree Funds announce that the venture has been awarded a 20-year build-to-suit lease with the General Services Administration’s for occupancy by the U.S. Citizenship and Immigration Services’s Texas Service Center in Irving, Texas. The one-story, Class A, 259,947-square-foot building will comprise office and support space which meets both the government’s security and energy-efficiency requirements. Construction is slated to begin in August 2018 and to be completed in early 2020.
“Our entire team is thrilled to have been selected to construct the new Texas Service Center for the USCIS, and partner once again with the GSA on an important project,” Tom Finan, a Managing Director of TCC’s MidAtlantic Business Unit. “We now turn our attention to the execution of this highly-secure, environmentally friendly and efficient facility from which USCIS may continue to carry out its vital mission.”
The project will occupy approximately 27 acres on a ground lease with the DFW Airport situated at the northwest intersection of N. Belt Line Road and President George Bush Turnpike.
“By aligning our development expertise both locally and with our team in D.C., we can deliver a best-in-class facility for this important branch of the Federal government,” said Scott Krikorian, Senior Managing Director of TCC’s Dallas-Fort Worth Business Unit. “By consolidating several locations, the USCIS will be able to more efficiently deliver on their important mission.”
“ElmTree is pleased to complete its fourth investment on the DFW Airport, and work with TCC and the GSA,” said Joseph Yiu, Managing Principal of Elm Tree Funds. “Dallas continues to outperform the rest of the country and we have made a concerted effort to invest in submarkets that are well positioned for continued growth.”
GSA was represented by Don Day and Jim Plaga of the US General Services Administration in the transaction.
Gensler is the architect and Manhattan Construction Company will serve as general contractor. Additional design team members include: Halff Associates (Civil), Thompson Ehle Company (MEP), Cardno (Structural), Thornton Tomasetti (Security), mycoskie+mcinnis+associates (Landscape), and CBRE (Property Management). Construction financing is being provided by JP Morgan Chase Bank, N.A.
About Elm Tree Funds
ElmTree’s primary focus is to create attractive risk-adjusted returns for its investors in the commercial real estate net lease, sale-leaseback, and build-to-suit sectors. With our Managing Principals’ experience in successfully developing, acquiring, financing, and disposing over $5 billion of commercial real estate assets, Elm Tree prides itself in being the go-to private equity real estate investment firm in the industry. Some examples of corporate tenants we have worked with include General Electric, Caterpillar, United Technologies, and FedEx.
ElmTree’s investment strategies and philosophies are guided by the fundamental premise that predictable cash flow and limited residual risk are the keys to creating asset value. Elm Tree has a method that is followed for every deal and has proven successful time and time again.
ElmTree focuses on the following investment approach:
- Sourcing of deals through industry relationships
- Systematic underwriting including financial, credit, and market analysis
- Methodical due diligence performed by an in-house analyst team and local market consultants
- Active management throughout the hold period maximizing returns to the investor
About Trammell Crow Company
Trammell Crow Company (TCC) is a global commercial real estate developer and wholly-owned subsidiary of CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas. Founded in 1948, TCC has developed or acquired nearly 2,900 buildings valued at $75 billion and over 655 million square feet. As of March 31, 2023, TCC had $17.3 billion of projects in process and $13.1 billion in its pipeline. It employs 700 professionals in 27 major cities throughout the United States and Europe. The company serves users of and investors in office, industrial/logistics, healthcare, life sciences and mixed-use projects, as well as multi-family residential through its operating subsidiary High Street Residential. For more information visit www.TrammellCrow.com.