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High-end office building The Parkwood under construction in Plano



PLANO, TX – Construction is underway on a high-end office development in Plano.

The 120,000-square-foot, four-story Parkwood building will be the new mortgage headquarters for First United Bank. The site is located on the historic Haggard family farm east of the Dallas North Tollway at Windhaven Parkway.

Designed by Gensler, the building will feature spacious floor plans and a fully equipped fitness center, according to Cawley Partners, the developer and leasing agent for the project.

“There were other Plano sites we considered, but for the size of the building and the use and the design they wanted, this particular site made the most sense,” Cawley Vice President of Leasing Kristi Waddell said.

First United was slated to occupy about half of the building, but it now plans to take up more than 80%, Waddell said. The first floor will house a full-service bank, while offices for the mortgage side of the business will take up parts of the second, third and fourth floors, Waddell said.“I wouldn’t be surprised if they end up taking up the entire building, but that has not happened yet,” she said.

Cawley is still actively looking for tenants to lease the remaining space, Kristi said.

“It’s likely we still have a chunk on the fourth floor—about 15,000 square feet—and some ground-floor space,” she said. “We are not far enough down the road with any users for the bank to have to make a decision yet.”

Signing new tenants has been challenging during a time when many companies are working remotely; however, Waddell said leasing activity has improved since the summer.

“We have definitely seen a slowdown across our entire portfolio, but our inquiry and tour activity has picked back up,” she said. “People are excited about the vaccine and want to get back into the office.”

Cawley and Gensler have been working with First United to incorporate new safety and sanitation features, such as touch-free elements and air-purification systems, Waddell said.

The building should be complete as soon as next October. First United plans to move in in November.

“Once they start tilting panels, it will go up really quickly,” Waddell said.