FRISCO, Texas – September 7, 2006 – Craig Hall, chairman and founder of Hall Financial Group, announced today that two new office buildings totaling 300,000 square feet will soon be under construction at Hall Office Park in Frisco. Including these buildings (the park’s 14th and 15th) the development will contain 1.9 million square feet of office space. The building at 3000 Internet Boulevard is six stories with 150,000 square feet, and 3010 Gaylord Parkway is a three-story building with 150,000 square feet.
“Leasing has been great this year. With over 500,000 square feet leased, this is our best leasing year to date. However, starting these two new buildings was a tough decision for us,” said Craig Hall. “Construction prices have increased dramatically and today’s rental rates do not economically justify new construction. We suspect that once the current space available in the market is leased, it may be a while before there will be more new construction because rental rates are too low for most developers to make a reasonable return. We are continuing to build at Hall Office Park because it is part of a long-term master plan, because a number of our tenants need expansion space now, and because we have a price advantage since we bought our land in 1989. Were it not for these advantages, we would be waiting for rents to catch up to these construction price increases.”
Rental rates for the six-story building at 3000 Internet Boulevard are expected to reach $25.00 per square foot or more and for the three-story building at 3010 Gaylord Parkway, $21.00+ per square foot. Both buildings break ground in September and are scheduled to be completed in the third and fourth quarter of 2007. Pre-leasing activities will commence immediately.
Development at the 162-acre Hall Office Park began in 1997. Since that time, 13 buildings have been built offering 1.6 million square feet. Uniquely positioned at the Gaylord Parkway exit off Dallas North Tollway, Hall Office Park’s success is attributed to the award-winning services and resources provided to its tenants as well as the unique master plan with lakes, water features and important works of contemporary art.
ABOUT HALL OFFICE PARK
Hall Office Park is Hall Financial Group’s signature, award-winning 162-acre development, master planned for a total of more than three million square feet of Class A office space. Today, more than 135 companies with 3,800 employees call Hall Office Park home. Thirteen architecturally distinct office buildings have been completed or are nearing completion, two are under construction and more are planned. Uniquely centered in one of the fastest growing regions in the nation, Hall Office Park is located on the Dallas North Tollway at the Gaylord Parkway exit, one-half mile north of State Highway 121. Just 25 minutes from DFW Airport and downtown Dallas, this multi-tenant development is near a host of sporting venues, entertainment, retail, restaurant and residential options. Hall Office Park combines upscale lifestyle amenities with artistic beauty and features more than 165 important pieces of contemporary art throughout the grounds and within building lobbies. Part of The Hall Art Collection is the renowned Texas Sculpture Garden, recognized as the largest private collection of its kind open to the public. For more information, visit www.hallofficepark.com and www.texassculpturegarden.org.
ABOUT HALL FINANCIAL GROUP
Founded in 1968 by Chairman Craig Hall, Hall Financial Group holds diversified interests in the United States and Europe including major stock positions in American Airlines and Radio Shack. Primary business focuses include marketable securities investments; real estate ownership, development and management; providing real estate financing; the software business; oil and gas and movie production; and the vineyard and winery business. For more information, visit www