RICHARDSON, TEXAS February 3, 2017 – Service King Collision Repair Centers this week announced the organization successfully negotiated a 64,916-square foot office lease with leading investment management firm JLL. The industry-leading automotive repair company will open new offices at Galatyn Commons, located at 2375 North Glenville Drive in Richardson, Texas. The new home office will initially house approximately 170 Service King teammates, who will be relocating from the company’s current home office in Richardson’s Tower 2600.
Service King expects to take occupancy of the new office by summer 2017. Dallas-based architecture and design firm Corgan is planning the facility’s interior design prior to build-out.
Service King was founded in Dallas in 1976 and has had its headquarters in Richardson since 1999, when the company had only nine collision repair facilities. Since then, Service King has grown tremendously to offer more than 300 collision repair centers nationwide today, and remains committed to long-term growth from its new Richardson home base.
“This is a tremendous step in the ongoing evolution of the Service King family,” said Michelle Frymire, Service King Chief Financial Officer. “We never waver in our pursuit to provide Service King teammates with best-in-class support. Our team has grown tremendously in the last several years, and this new home office will provide the space, technology, and amenities that will continue to foster a growing team for years to come. We’re proud to call Galatyn Commons Service King’s brand new home.”
Service King has been deeply invested in the Richardson community, including as a member of the Richardson Chamber of Commerce and through repeat participation in the City’s Corporate Challenge, an Olympic-style series of athletic and non-athletic competitions involving leading companies from across North Texas. The company also received the Richardson EDGE Loyalty Award from the Richardson Chamber of Commerce and City of Richardson in 2015, recognizing its long-time Richardson roots and positive, local impact.
“Service King’s continued, growing presence in Richardson further validates our focus on nurturing innovative companies from a variety of sectors that are succeeding on a national and global scale,” said Richardson Mayor Paul Voelker. “We are very pleased that Service King has found a new home base within Richardson’s incredibly vibrant Telecom Corridor® area. We appreciate their reaffirmed commitment to Richardson, and know they will continue to benefit from the synergies of having other business innovators and service-oriented firms nearby.”
Managing Director Steve Thelen and Vice President Kimarie Ankenbrand negotiated the lease on behalf of the tenant. Chris Taylor with Cushman & Wakefield and Russ Johnson with Peloton Commercial Real Estate represented the landlord.
“Service King provides unsurpassed customer service to their customers and our goal was to provide that same level of service to their teammates in securing a long-term office solution that met their needs,” said Ankenbrand. “Galatyn Commons is the ideal combination of Class A office space, location, and on-site and nearby amenities their company was looking for. We’re glad to have played a role in finding their new corporate offices.”
Spear Street Capital acquired the four-building, 800,000-square-foot Galatyn Commons in late 2014. Its recently completed multimillion-dollar renovation created one of the most unique office environments in North Texas. New amenities include a full-service cafeteria, coffee shop, conference center, a resort-style fitness center, Wi-Fi throughout all indoor and outdoor common areas, and a 300-seat employee lounge with collaboration areas. Beyond that are an expansive outdoor kitchen, multiple outdoor dining and meeting settings, bocce ball courts, fire pit, bicycle check-out stations, food truck court, and an outdoor stage and amphitheater for large company events capable of accommodating several thousand people.
“We are excited to welcome Service King to Galatyn Commons,” said Taylor, Executive Managing Director at Cushman & Wakefield. Leasing activity has significantly increased since Spear Street Capital completed the redevelopment and expanded the parking ratio to 5 per 1,000, he said: “We currently have 500,000 square feet of active proposals outstanding and we’re pursuing another 1.6 million square feet in additional prospects that are considering the Richardson/Plano submarket.”
“The lease from Service King validates Spear Street Capital’s redevelopment strategy, as well as the appeal of Richardson,” said Johnson, principal at Peloton. “The redevelopment has created a unique multitenant office campus that currently does not exist in the DFW market,” he said. “Its multiple new indoor and outdoor amenities are attracting corporate America, which needs this tool to attract and retain their employees.”
The Richardson/Plano office submarket has 709,186 square feet of recently completed Class A office space, year-to-date through Q4 2016, second only to the Far North Dallas office submarket, with 1.68 million square feet according to JLL Research.
About Service King Collision Repair Centers
Service King Collision Repair Centers®, with more than 40 years of experience in the automotive repair industry, is a leading national operator of comprehensive, high-quality collision repair facilities. The organization is consistently recognized for its commitment to customer satisfaction, quality workmanship and giving back to the industry through innovative training and recruiting initiatives. Service King traces its roots back to Dallas, Texas and founder Eddie Lennox who opened the very first Service King in 1976. Today, Service King operates locations in 23 states across the U.S. In 2015, Service King was named the No. 1 Best Place to Work by both the Dallas and San Antonio Business Journals. For more information and to find a local Service King, visit www.ServiceKing.com and follow Service King news on Facebook and Twitter.
About Spear Street Capital
Spear Street Capital is a real estate investment company dedicated to pursuing select office investment opportunities, primarily in the United States and Canada. The company focuses on assets and portfolios greater than $35 million in total value, targeting well-conceived and located properties that can succeed through creative leasing efforts, physical improvements, entitlement changes, or realization of adaptive re-use strategies. For more information, visit www.spearstreetcapital.com.
About the Richardson Economic Development Partnership
The Richardson Economic Development Partnership (REDP), a joint effort of the City of Richardson and the Richardson Chamber of Commerce, is dedicated to building a vibrant and thriving local economy by attracting new investment and jobs through marketing, recruitment and working with existing employers. The REDP offers numerous services to companies considering expansion or relocation to the Telecom Corridor® area, including international and domestic business relocation assistance and professional service provider referrals, site selection, broker and real estate referrals, cost of business analyses, incentives, partner and executive introductions, tours and city information. For more information, visit www.telecomcorridor.com.
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. JLL is a Fortune 500 company with, as of December 31, 2015, revenue of $6.0 billion and fee revenue of $5.2 billion, more than 280 corporate offices, operations in over 80 countries and a global workforce of more than 70,000. On behalf of its clients, the company provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. As of September 30, 2016, its investment management business, LaSalle Investment Management, has $59.7 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
About Peloton Commercial Real Estate
Peloton opened its doors in 2002, with decades of combined experience in Dallas/Fort Worth commercial real estate already behind us. Since then, the Peloton portfolio has grown to more than 24 million square feet of leased and/or managed properties. Our market leadership shows not only in footage, but also in recognition from the business community. For more information, visit www.pelotoncre.com