CBRE Global Makes History in DFW
- Sep 22, 2015
By Keith Loria, Contributing Editor
CBRE Strategic Partners U.S. Value 7 has acquired Galleria Towers, an iconic 1.4-million-square-foot, three-building Class A office complex in Dallas, from Cannon Commercial.
Gary Carr, John Alvarado, Eric Mackey and Robert Hill with CBRE’s Dallas Office Investment Group, represented the seller. The price was not disclosed.
“This will likely be the largest office sale in DFW this year,” Carr said in a prepared statement. “Galleria Towers is one of the most recognizable office projects in the Southwest and this acquisition reflects a strong commitment from institutional capital in the resurgence of the Lower Tollway Corridor.”
Located at 13355, 13455 and 13155 Noel Road, adjacent to the Galleria Mall, one of Dallas’ premier shopping destinations, the property offers excellent freeway access at the intersection of the North Dallas Tollway and LBJ Freeway.
“Dallas, which is a target market for Strategic Partners U.S., has been one of the better performing office markets in recent years,” Vance Maddocks, CBRE Strategic Partners U.S.’s president, said in a prepared statement. “Companies continue to relocate to Dallas, citing lower costs of doing business as well as proximity to transportation infrastructure, and the expansion of the LBJ Expressway will benefit access to this property.”
According to Maddocks, CBRE Global Investors plans to invest heavily in the property adding its signature 5-Star Worldwide service and amenity program, including conference facilities, a fitness center, and enhanced on-site tenant amenities, in each building.
According to CBRE, the Dallas economy is rapidly expanding as all major sectors add jobs, thanks to its diversification and low cost structure. Over the next five years, total employment in the city is projected to increase by a very strong 2.5 percent annually, much faster than the 1.3 percent national average.