Admiral Capital Group Grows Dallas Office Portfolio
- Sep 09, 2019
Admiral Capital Group—through its A2R investment platform—has acquired the 249,564-square-foot Fourteen555 office building in Dallas’ Lower Tollway submarket from Cawley Partners. The seller developed the asset in 2018, with First United Bank and Trust Co. originating a $53.5 million construction loan, according to Yardi Matrix data.
Located at 14555 N. Dallas Parkway adjacent to a dense residential area, the property is roughly 2 miles north of Interstate 635 and 14 miles from downtown Dallas. The asset comprises a six-story office building and a three-story amenity building, which includes an open-air terrace with lounge seating, a restaurant and a fitness center. At the time of sale, the property was 95 percent leased and Yardi Matrix information shows Occidental Petroleum Corp. occupies 120,000 square feet. The seller will continue to manage the asset.
At the beginning of the year, Admiral Capital Group purchased two Class A office properties totaling 260,000 square feet in the Dallas area. The transaction closed through the same investment platform.