Exclusive: Dallas developer preparing to start new Southlake office building

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Greenlight Studios

The three-story, 73,00-square-foot office building will bring new office space to a growing North Texas suburb.

Candace Carlisle

Staff Writer- Dallas Business Journal

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Dallas developer Scott Asbury is preparing to start a new office building in Southlake, which will be much-needed office real estate in the Tarrant County suburb.

"This property was zoned as retail at first, but Southlake already has a lot of retail with another 200,000 square feet of retail under development," Asbury, president of Dallas-based 3L Realty Group LLC, told the Dallas Business Journal."Southlake was happy to see a new office project."

The three-story, 73,000-square-foot office building, known as Southlake Office Plaza, at State Highway 114 and White Chapel Boulevard, can be built in two phases to meet office demand in Southlake, he said.

Southlake's office vacancy rate sits at 2 percent to 3 percent. North Texas' average vacancy rate is 18.2 percent, according to the latest CBRE research.

"The low vacancy rate with the demographics of the Southlake market has made the interest in this project spectacular," Asbury said. "Until we knew exactly what we were going to build, we weren't sure what we would do to market it, but the interest is already there for office and medical office."

Tyler Adams of Greenlight Studios is the project architect. Asbury says he's out to bid for general contractors and expects to hire one soon.

Asbury already has two tenants in tow and expects to break ground on the new development in the first quarter of 2015.

Candace covers commercial and residential real estate and sports business.