The Patel Law Group has acquired an Irving office building with plans to begin a major upgrade that will bring the law firm and closing office for Fidelity National Title into the Las Colinas Urban Center.
The 30,694-square-foot office building at 1125 Executive Circle will be owned through limited liability company, 1125 Executive LLC. Terms of the acquisition were undisclosed.
The law firm has been part of the Irving business community for the past decade and has wanted to make an acquisition like this for years, said Managing Partner Rakesh Patel.
“This is a great opportunity for our law firm and closing office, as well as future tenants we hope to attract to our renovated building,” Patel said, in a written statement.
Kyle Jacobs and Daniel Miller of Dallas-based Rubicon Representation represented the buyer, The Patel Law Group PLLC. The law firm will relocate their office from Colonial Plaza at 580 Decker Drive in Irving.
Bruce Hecht and Ben Goldthorpe of Dallas-based Swearingen Realty Group represented the seller, American College of Emergency Physicians.
Earlier this year, the American College of Emergency Physicians moved into their new campus along State Highway 114.
Plans for the upgrades to the 34-year-old building include 23 carports in the parking lot and to convert the existing 3,000-square-foot training room into a conference lounge for would-be tenants.
Rubicon Representation will oversee the leasing of the building, which will include a first floor vacancy of 3,000 square feet to 14,000 square feet of office space, with a parking ratio of 4.5 parking spaces to every 1,000 square feet of space.
With an increase of rental rates in the Las Colinas Urban Center, Miller, who is a vice president at Rubicon Representation, says he expects this to give tenants another great option in the Las Colinas submarket.
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