Brookwood Financial Partners Closes on Two Dallas Office Assets
- Oct 16, 2014
Brookwood Financial Partners, a real estate investment and asset management company, announced that it has closed on two office assets in the Urban Center of the Las Colinas submarket in Dallas: 125 E. John Carpenter Freeway and 5100 N. O’Connor Blvd.
The properties are located next to State Highway 114, which provides access to Dallas-Fort Worth Airport and downtown Dallas. At the time of the acquisition, the assets, which total 451,195 square feet, had an occupancy rate of 61.1 percent. The top six floors of 125 E. John Carpenter Freeway are leasable and represent one of the few large blocks of contiguous space in Las Colinas.
“We will be able to offer large prospective tenants an opportunity that cannot be found elsewhere in the market. The top six floors of the building provide terrific views from one of the most attractive Class A office buildings in the area,” stated Thomas Brown, Brookwood’s director of acquisitions. “The buildings are located very close to Gables Water Street and The Music Factory, two planned retail developments that are primed to break ground.”
The company is also planning a $3.7 million investment in targeted capital improvements, which will add to the recent amenities made by the seller – a major lobby renovation, a new conference room, a fitness center and a café.
According to Brookwood’s official statement, the rental rates in the submarket have increased by 7.6 percent over the previous six quarters, but they are still 5.4 percent below their pre-recession peak. Taking into account these changes and the addition of developments such as Gables Water Street and The Music Factory, investors remain optimistic about the submarket.
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