CBRE Acquires 369 KSF of Dallas-Area Buildings
- Oct 30, 2012
Lynn Armitage, Contributing Editor
Everything’s bigger in the Lone Star State, and so goes a recent transaction between Equity Office Properties Trust and a CBRE Global Investors Fund, which bought two Class A office buildings in North Dallas totaling 369,000 square feet for an undisclosed amount.
The property, known as Tollway Plaza I and II, is located at 15950 and 16000 N. Dallas Parkway and is an eight-story structure that was built in the late 1990s. Officials say the buildings are in excellent condition and will require minimal upgrades. Current amenities include a four-level parking garage, 25,000-square-foot floorplates and an adjacent 2.6-acre parcel of land that could become a third tower.
The fund that bought the office buildings is part of CBRE Strategic Partners U.S. and the team plans to reposition the property to meet the anticipated demand for office space in Dallas.
“This purchase of a newer vintage building in excellent condition gives us an ideal opportunity to expand our presence in the Dallas area,” said Vance Maddocks, president of CBRE Strategic Partners U.S.
The fund plans to rebrand the property to meet the standards of its signature 5-Star Worldwide program, which includes amenity upgrades such as a concierge service, a building conference center and an information conduit. It also plans to pursue LEED certification.
According to Dallasnews.com, Tollway Plaza is more than 90 percent leased by well-known tenants, such as Sun Microsystems Inc., Stewart Title North Texas Inc. and HQ Global Workplaces.
The online news source says CBRE Global also owns the Urban Towers in Las Colinas and Sterling Plaza and Preston Commons in Preston Center.
CBRE Global Investors is a Los Angeles-based global real estate investment management firm with $91.2 billion in assets under management as of June 30, 2012. It is an independently operated affiliate of CBRE Group, Inc. and trades on the New York Stock Exchange under the symbol CBG.