Pillar Commercial Buys Flagship Property in Telecom Corridor

DALLAS, May 24, 2011 /PRNewswire/ -- Pillar Commercial has acquired the former Nortel campus at 2201-2221 Lakeside Boulevard in Richardson's Telecom Corridor.  The property, built in 1991 as the U.S. headquarters for Nortel Networks, was acquired from creditors in Nortel's bankruptcy proceedings.  The acquisition is the largest for Pillar Commercial since it was formed in 2004.  Final approval of the transaction was granted by the bankruptcy court on May 10, with closing scheduled for June 3.

"This has been a complex and arduous process, but we are enthusiastic about this investment opportunity," said Manny Ybarra, founder and principal of Pillar Commercial.  "We are excited about establishing a strong presence in Richardson's Telecom Corridor."

"With the historical legacy of Nortel representing such an important period of time for the Telecom Corridor, the City of Richardson is particularly excited to have this outstanding campus now in the hands of an active real estate organization like Pillar Commercial," said Bill Keffler, city manager, City of Richardson.

Property creditors were represented by the CB Richard Ellis team of Gary Carr, Russell Ingrum, Eric Mackey, Jack Fraker and Josh McArtor.  Pillar engaged Brian Carlton with HFF to help secure transaction financing, provided by Viewpoint Bank under the direction of Patrick Ramsier, chief commercial real estate officer.

One of Pillar's biggest challenges was to accurately value the property, as Nortel had invested heavily in the property's technological and mechanical infrastructure.  Some of the property's special features include a highly robust chiller plant, multiple back-up generators, and dual source electrical feeds.

"Nortel's investment in the facility's data center, telecommunications and power generating capabilities was very attractive to us," added Ybarra.  "In addition, the proximity to Galatyn Park Urban Center and the DART light rail station make this campus one of the region's premier corporate office sites."

About Pillar Commercial

Pillar Commercial is a full service commercial real estate firm specializing in office, industrial and retail developments. Based in Dallas, the company is engaged in all aspects of investment oversight including property management, acquisitions, dispositions and project leasing.  For information about our current portfolio, visit www.pillarcommercial.com.

SOURCE Pillar Commercial