Lone Star PACE, a leading administrator of Texas’ C-PACE programs, facilitated $5.5 million in C-PACE financing for a 1.1-million-square-foot multi-tenant office tower located at 600 E. Las Colinas Blvd. In the Dallas-area suburb of Irving.
The 22-story high-rise, situated in the heart of the Las Colinas Urban Center, underwent HVAC and automation controls upgrades in August 2024 that qualified for Commercial Property Assessed Clean Energy (C-PACE) financing. The property owner is retroactively financing these improvements through C-PACE, leveraging the program’s long-term, fixed-rate structure to enhance cash flow and preserve capital.
C-PACE allows property owners to access low-cost, long-term financing for energy and water conservation systems at commercial buildings. Property owners can leverage C-PACE financing before, during or after construction to fund qualifying improvements such as HVAC, lighting, water conservation and building automation systems.
Lee McCormick, President of Lone Star PACE, said:
“This Las Colinas project underscores how C-PACE can support reinvestment in existing commercial assets while aligning with regional sustainability goals. By retroactively financing energy-efficient improvements, the owner is enhancing the property’s competitiveness in one of North Texas’ most dynamic submarkets.”
Nuveen Green Capital was the capital provider for the transaction. Senior Director of Originations Sean Ribble said:
“It was a pleasure to partner with Convergent Capital Partners and Lone Star PACE to provide C-PACE financing for the Las Colinas Office Tower in the growing city of Irving. By recapitalizing previously installed energy efficiency measures through C-PACE, the sponsor was able to restructure their capital stack to improve cash flows while ensuring the asset’s long-term profitability.
We are proud to see increased adoption of C-PACE as a mainstream financing tool for exciting commercial real estate projects like this in Dallas County and across the country, and we look forward to partnering with CCP and LSP in the future.”
C-PACE-funded upgrades at 600 E. Las Colinas Blvd. are expected to reduce the property’s annual electricity consumption by 10%. Savings from the C-PACE financing are projected to total $7.3 million over the assessment’s 24-year term.
Dallas County, home to Irving, is among several Texas jurisdictions that have established a C-PACE program, enabling developers to access innovative financing that aligns with economic development and sustainability goals.