Dallas, TX, October 26, 2018 --(PR.com
)-- Kaizen Development Partners (KDP) announced today that Credit Union of Texas has signed a 15-year lease to occupy approximately 52,000 square feet of office space in One Bethany East at Watters Creek in Allen, Texas. One Bethany East will serve as the new headquarters for the Dallas-based financial services firm, which is the 5th largest and one of the oldest credit unions in North Texas.
“Providing convenient locations for the communities where our members live and work is one of our top priorities and our growth plan reflects that,” said Eric Pointer, President and CEO of Credit Union of Texas. “When we looked at our future growth, Allen provided the perfect location for our corporate headquarters as it puts us in the center of our expanded footprint.”
Pointer credits the City of Allen, the Allen Economic Development Corporation, Stream Realty Partners and Kaizen Development Partners for working hand in hand with Credit Union of Texas to make the relocation possible.
“Working with these top-notch groups made us even more certain that we’ve made the best long-term decision to be in Allen and One Bethany East in particular,” said Pointer.
“We’re thrilled to welcome Credit Union of Texas to our growing roster of corporate headquarters,” said Allen Mayor Stephen Terrell. “In addition to hundreds of new jobs, they’re bringing a long history of community investment. We look forward to all the ways their presence here will enrich the lives of Allen residents.”
One Bethany East is KDP’s first phase at One Bethany at Watters Creek, a 17-acre, multi-phase, corporate office park in Allen, Texas. The 125,000-square foot, Class A office property offers a conference center, training room, tenant lounge, fitness center and 570-space structured parking garage. In just a little more than five months post-opening, the building is now substantially leased.
“It has been an absolute privilege to work with Credit Union of Texas and their brokerage team to get this deal done,” said Derrick Evers, CEO and Managing Partner of KDP. “We look forward to a long-standing relationship with their entire team.”
One Bethany East also serves as the new headquarters for BossFight Entertainment, a renowned video game development company, Verado Energy, a domestic oil and natural gas production company, and the Allen Economic Development Corporation, who relocated to the building in April of 2018. Within the One Bethany at Watters Creek campus, the technology company NETSCOUT Systems opened its new 145,000 square-foot headquarters in August of 2018. The new four-star Delta Hotels by Marriott and Watters Creek Convention Center is located across the street and will open January 2019.
Tim Terrell and Sara Terry of Stream Realty Partners represented Credit Union of Texas in the transaction with KDP.
KDP was represented in the transaction by Chris Doggett and Blake Shipley of JLL, who also lead the leasing and marketing efforts for the balance of One Bethany at Watters Creek. The campus is expected to contain over 1,000,000 square feet of high-quality office space at full build out. In addition to One Bethany East and the newly-completed NETSCOUT Systems corporate office, KDP is currently pre-leasing its third building on the campus – One Bethany West – a 200,000 square foot, 8-story, Class A office building to be located immediately adjacent to One Bethany East. Additional office development sites are available and capable of accommodating an additional 600,000 square feet space in a mix of multi-tenant Class A office buildings and single-tenant build-to-suit Class A office buildings designed to meet the needs of larger tenants in a campus environment. One Bethany at Watters Creek is located within walking distance of a diverse mix of shops, restaurants and high-quality apartments in the Watters Creek mixed-use development.
About Credit Union of Texas
For almost 90 years, Credit Union of Texas (CUTX) has been providing financial services to members throughout North Texas. Delivering on its vision to deliver an unexpected experience, CUTX has grown to $1.4 billion in assets and now serves over 142,000 members through its 12 store locations. Membership is open to anyone who lives, works or attends higher education in Dallas, Collin, Denton or Rockwall County and to anyone who lives or works in select areas of Grayson, Fannin, Ellis, or Tarrant County. For more information about CUTX, visit www.cutx.org.
About Kaizen Development Partners
Kaizen Development Partners (KDP) is a commercial real estate developer specializing in office and healthcare developments. KDP brings unencumbered creativity, marketplace knowledge and strategic vision to the built environment. Over the last decade, the principals at KDP have developed over 2,000,000 square feet of institutional quality projects valued at approximately $1 billion. KDP is rooted by senior-level principals committed to delivering extraordinary value and service through innovative thought leadership, effective market positioning, conservative risk management, and hands-on project management. For further information, visit www.kaizendp.com.
About Allen Economic Development Corporation
The Allen Economic Development Corporation (AEDC) is funded through a citywide half-cent sales tax and charged with facilitating company relocations and assisting the expansion of existing businesses, which creates jobs and generates additional tax revenue to the community. Today, Allen's total ad valorem tax base exceeds $8.5 billion. The AEDC was instrumental in bringing over $500 million in projects to completion in 2018, including the relocations of NETSCOUT Systems, a leading provider in business service assurance, cyber-security and business intelligence solutions, BossFight Entertainment, a world-class independent game development studio, and the expansion of WatchGuard Inc., the leading provider of mobile video solutions for law enforcement. To learn more, visit www.AllenEDC.com.
Contact: Lee A. White