P
rovident Realty Advisors has purchased the 18-acre Lakeside Campus in Richardson from California-based Trigild. The campus, located at 2201 and 2221 Lakeside Boulevard, spans 807,000 square feet and features a 16-story office tower, a four-story building, and structured parking. Built for Northern Telecom in the late 1980s and early '90s, the property has undergone over $13 million in renovations since 2015 and is currently 69% leased, with RealPage as its anchor tenant.

    The purchase price was not disclosed, but Provident secured a $20.4 million loan to finance the acquisition. Newmark brokers Chris Murphy, Robert Hill, and Gary Carr represented Provident in the deal, while Stephen Schwalb of Trigild facilitated the sale. The campus had previously been owned by Chicago-based GEM Realty Capital and Dallas-based Cawley Partners, who acquired it in 2015 with an $81.3 million loan from PNC Bank.

    The acquisition marks a strategic addition to Provident's local portfolio, which focuses on suburban office properties with long-term growth potential. Founded by Leon Backes, Provident aims to capitalize on the property's cash flow and lease up the remaining space. This purchase follows Provident's 2022 acquisition of a 7-acre site in Fort Worth for industrial development, although zoning disputes led to a lawsuit against the city this year.