Orlando-based Foundry Commercial and Germany’s DWS Group have acquired a 52-acre property at 3950 Regent Boulevard in Irving’s Las Colinas area. The site, which previously housed four office buildings totaling 635,000 square feet, is set to be demolished and redeveloped into more than 900,000 square feet of Class A warehouse space. The new project will be called Horizon II.
The financial details of the transaction were not made public. However, county records indicate that DWS secured a $49 million construction loan for the redevelopment.
Located near Dallas-Fort Worth International Airport, the site is positioned within one of the nation’s busiest 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 become Foundry’s largest office-to-industrial conversion in the region and is situated across from its Horizon Landing development. The first phase includes three industrial buildings totaling about 435,000 square feet. Full completion is expected to bring total space above 900,000 square feet by 2027.
The office complex originally opened in 2006 as one of Citigroup’s regional hubs before downsizing after the financial crisis. State Farm later leased around 400,000 square feet in 2012 but vacated by this year. According to Traynor, this vacancy reflects broader trends seen throughout suburban office markets.
Foundry currently has seven similar projects underway across Dallas-Fort Worth as demand for warehouses continues to surpass interest in older office properties.
Market conditions appear favorable for such conversions: At the end of 2025, Dallas-Fort Worth led U.S. cities with over 31 million square feet of industrial space under construction (https://www.cushmanwakefield.com/en/united-states/insights/us-marketbeats/dallas-fort-worth-industrial-marketbeat).
