Another Dallas-Fort Worth office campus is headed for the wrecking ball and into the industrial pipeline.
Orlando-based Foundry Commercial and Germany-based asset manager DWS Group acquired a 52-acre site at 3950 Regent Boulevard in Irving’s Las Colinas submarket, where four office buildings totaling 635,000 square feet once housed thousands of corporate workers, the Dallas Morning News reported. The partners plan to raze the complex and replace it with more than 900,000 square feet of Class A warehouse space in a project dubbed Horizon II.
Financial terms were not disclosed, though county records show DWS secured a $49 million construction loan tied to the redevelopment.
The site sits near Dallas-Fort Worth International Airport, a logistics magnet that has become one of the country’s most active industrial corridors.
“It’s really one of the last opportunities we can see of scale right near DFW,” said Jim Traynor, managing director of development and investments for Foundry in Dallas. “Getting 52 acres is such a unique opportunity.”
Horizon II will mark Foundry’s largest office-to-industrial conversion in the region and sits directly across from the firm’s Horizon Landing development. In the first phase, Foundry and DWS plan to build three industrial buildings totaling about 435,000 square feet, with full buildout pushing the project north of 900,000 square feet. Construction is slated for completion in 2027.
The office complex opened in 2006 and was once one of Citigroup’s largest regional hubs before post-financial crisis cutbacks shrank its needed space. State Farm later leased roughly 400,000 square feet in 2012 but had vacated the campus by this year, according to Traynor — leaving behind a vacancy story that has become familiar across suburban office markets.
Horizon II is one of seven office-to-industrial projects Foundry has in the works across DFW, highlighting the continued reshuffling of land use in the region, as warehouse demand outpaces appetite for aging offices, according to the publication.
The broader market fundamentals might support such investment, as DFW leads the nation in industrial demand, with 31.1 million square feet under construction at the end of 2025, according to Cushman & Wakefield.
— Eric Weilbacher
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