Pillar Commercial Signs Ericsson to 260,000 Square Foot Lease

DALLAS, June 27, 2011 /PRNewswire/ -- Pillar Commercial announced today that Ericsson, the world's leading provider of telecommunications equipment and related services, has signed two lease agreements for approximately 260,000 square feet of space to add to the 200,000 square feet it already occupies in the former Nortel campus at 2201-2221 Lakeside Boulevard in Richardson's Telecom Corridor.  Ericsson will now hold 460,000 of the two buildings' total of approximately 800,000 square feet.  Pillar closed on its purchase of the complex out of bankruptcy on June 3.

Pillar Commercial was represented by Manny Ybarra, founder and principal, and Ericsson was represented by Mike Wyatt and Ken Johnston of Cushman & Wakefield, Inc.  

"We are excited to follow up the recent news about our acquisition of this property with such a significant lease transaction," said Ybarra.  "When we purchased this campus we believed it truly was one of the premier commercial properties in the region, and this commitment from Ericsson is a testament to that belief."

"This facility, because of Nortel's prior capital investment in the project, had some of the most robust power and telecommunications infrastructure of any property in the area," said Wyatt.  "The infrastructure, the facility's proximity to Galatyn Park Urban Center and the DART light rail station, along with new stable ownership, make it one of the Metroplex's premier corporate office sites."

The first agreement with Ericsson includes a renewal of the company's current 200,000 square feet in the campus' low-rise research and development building, as well as an additional 60,000 square feet, bringing its total in that complex to 260,000 square feet.  In addition, Ericsson signed a new lease to occupy 200,000 square feet in the campus's main tower.  Currently, Ericsson houses approximately 1,100 employees at this location and will have the capacity for 1,400 additional people in support of its organic growth.

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. Our property management group consists of seasoned professionals dedicated to excellence in client services and operational efficiencies. The project leasing team exemplifies a results oriented approach to meeting the occupancy and business objectives of our tenant / clients. For information about our current portfolio, visit www.pillarcommercial.com.

SOURCE Pillar Commercial