Brookfield Acquires 460 KSF Office Asset in Dallas Suburb from Blackberry
- Mar 10, 2014
Canadian investor Brookfield Property Group has bought Riverside Commons, a six-building, Class A office property in Irving, Texas, from Blackberry Ltd. for an undisclosed amount.
The 460,297-square-foot office campus is situated on a 13-acre site at the “gateway” to the Las Colinas Urban Center on State Highway 114, and includes two parking garages.
As part of the sale, BlackBerry will lease back 37 percent of the property, showing the smartphone maker’s scaling back of its U.S. operations, according to the Dallas Business Journal.
Blackberry bought the 29-year-old buildings back in 2009 as its U.S. headquarters, when it had a large and growing employment base in the area. The company since dwindled and layed off thousands of workers, acquiring big losses, according to the Dallas News.
Gary Carr, Eric Mackey, John Alvarado and Robert Hill of CBRE Group arranged the transaction on behalf of Blackberry. Hunton & Williams advised Brookfield Property Group fund in the purchase, according to news sources, which also includes a future development site.
“Investors were attracted to this asset due to its high-profile Las Colinas location and asset quality,” said Mackey, senior vice president of CBRE in a prepared statement. “Riverside Commons also offer tremendous upside through the lease up of available space within one of Dallas’ top resurging office submarkets.”
Las Colinas is regarded as one of nation’s premier master-planned communities offering resorts, upscale retail, golf courses and recently completed DART light-rail stations.