Pillar Commercial has acquired the former Nortel campus in Richardson's Telecom Corridor from the company's creditors for an undisclosed sum. The 800,000 square foot property, built in 1991 as the U.S. headquarters for Nortel Networks, is located at 2201-2221 Lakeside Boulevard in Richardson, Texas and covers 17.5 acres.
Nortel had invested heavily in the property's technological and mechanical infrastructure, including a highly robust chiller plant, multiple back-up generators, and dual source electrical feeds.
"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.
http://www.pillarcommercial.com
- In a story on 24-May-2011, The Dallas Morning News valued the sale of the Nortel campus at $43 million.
