CBRE Buys Tollway Plaza Office Complex in Far North Dallas
- Nov 02, 2012
CBRE Global Investors has purchased Tollway Plaza I & II, two office buildings in Far North Dallas totaling 369,000 square feet of space. News of negotiations between the California fund and Chicago-based Equity Office Properties Trust emerged back in September; two months, later the purchase is complete.
Although terms of the sale were not disclosed, analysts agree on that the properties could not have been sold for more than $175 per square foot, according to The Dallas Morning News. Built in the late 1990s, the Tollway Plaza buildings are currently more than 90 percent leased. Among their major tenants are companies like Sun Microsystems Inc., Travis Wolff L.L.P., Stewart Title North Texas Inc. and HQ Global Workplaces.
Commercial Property Executive reports that the new owner of the office buildings plans to reposition them to meet the anticipated demand for office space in Dallas. The fund plans to upgrade the existing amenity package, adding such benefits as a concierge service, a building conference center and an information conduit. It also plans to pursue LEED certification.
Additionally, CBRE Global Investors announced the intention to hire a new leasing team and plans to launch a rebranding campaign for the building, according to Vance Maddocks, president of CBRE Strategic Partners U.S., which will oversee the marketing campaign, the Dallas Business Journal reported.
Included in the purchase is the adjacent 2.6-acre tract of land for a third tower that has never been built.
The investor anticipates that the local office sector will be revived by the job growth across all sectors, which is one of the main reasons for the acquisition. CBRE Global also owns the Urban Towers in Las Colinas and Sterling Plaza and Preston Commons in Preston Center.
Photo credits: Regus.com
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