Bridge Lands 243 KSF Dallas-Area Tower
- Oct 25, 2017
Bridge Office Fund Manager, an affiliate of Bridge Investment Group, has acquired Tower 1320, a 243,109-square-foot Class A office building in the Las Colinas submarket of Irving, Texas. The 10-story asset traded for an undisclosed price. CBRE Capital Markets represented Arden Group, the seller, in this transaction. Bridge Commercial Real Estate will oversee property management, while Peloton Commercial Real Estate will market and lease the asset.
Located at 1320 Greenway Drive, the 1981-built tower features an adjacent two-story parking structure that includes 1,045 spaces. Children’s Medical Center, Service Link and Crosscheck are among the building’s tenants. The new ownership intends to upgrade the recently renovated property, making it a competitive option for companies seeking space in the Dallas metro area.
The property is part of the Office Center business park. “Tower 1320 is well-located with tremendous access from both the George Bush Turnpike and the John Carpenter Freeway as well as just 10 minutes from Dallas Fort Worth International Airport, providing tenants with easy and central access to the rest of the DFW metro area,” said Bridge Commercial Real Estate CEO Jeff Shaw, in prepared remarks.
Tower 1320 is in the heart of Las Colinas, a 12,000-acre master planned business and residential community between Dallas and Fort Worth, Texas. In recent years, economic development in Irving/Las Colinas has been very strong with the addition of nearly $6 billion in new and planned investments, including 5.9 million square feet of residential, retail and commercial space comprising 12,000 residential units, shops, area country clubs and 1,000 hotel rooms.
CBRE’s Evan Stone, Gary Carr, Eric Mackey, John Alvarado, Jared Chua, Robert Hill and Mary Claire Houseman arranged the transaction on behalf of the seller.
Most recently, Madison Marquette reeled in $44 million in bridge financing through Bridge Investment Group Holdings for One Light Street, a mixed-use project in downtown Baltimore.
Image via Google Street View