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  • Steve Brown

High-profile Allen office tower has a new owner

Hall Capital and Pillar Commercial made second buy at Watters Creek.

Allen’s tallest office building has a new owner. The eight-story, 200,000-square-foot One Bethany West building opened in 2020 and is substantially leased. Oklahoma-based Hall Capital and North Texas’ Pillar Commercial just purchased the building — the partners’ second recent buy in the Watters Creek development. In 2021, Hall Capital and Pillar Commercial acquired the adjacent 120,000-square-foot One Bethany East office building. Both buildings located west of U.S. Highway 75 on Bethany Drive were built and sold by Dallas’ Kaizen Development Partners. “When we acquired One Bethany East, our intention was always to aggregate these two high-profile assets under common ownership,” Pillar Commercial CEO Manny Ybarra said in a statement. “We very much value our partnership with Hall Capital and extend our genuine appreciation to Kaizen Development Partners for executing on such a phenomenal development.” The One Bethany West building recently landed several major tenants. Washington state-based digital payment firm Pushpay is consolidating workers in 10,000 square feet of offices in the building. And California-based mobile network company MD7 LLC put offices in One Bethany West building in 2021. Other major business tenants in the property include Micron Technologies and Highland Residential. The office is next to the Watters Creek Convention Center and Marriott Hotel and across the street from the Watters Creek Village shopping center. The sale of One Bethany West was facilitated by Brian Carlton, De’On Collins and Kristi Leonard of Jones Lang LaSalle. Oklahoma City-based BancFirst provided a $41.6 million loan for the purchase. Pillar Commercial made the Allen acquisition for its Pillar Real Estate Fund I, which has made eight property investments. Last year Pillar Commercial bought the Bluffview Towers office buildings near Dallas’ Love Field. Its partner, Hall Capital, is a more than century-old family investment operation.

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