Champion, Long Wharf Sell 800 KSF Group of Suburban Dallas Office Buildings
- Sep 29, 2014
Champion Partners and Long Wharf Real Estate Partners have sold an 800,000-square-foot group of Class A office buildings in Richardson, Texas, just outside of Dallas, to Spear Street Capital.
Sited within the 80-acre mixed-use Galatyn Park, the buildings were developed between 1997 and 2000.
All parties are keeping mum on the price tag. However, given the four-building campus’s current occupancy level–600,000 square feet of space is available–the office destinations likely fetched far less than they could have in the current market. The vacancy marks one of the largest available blocks of Class A space in the Dallas/Fort Worth market, where the direct vacancy for Class A office space is 15.7 percent, according to a second quarter report by Transwestern.
Commercial real estate and capital markets services firm HFF marketed the buildings on behalf of the seller.
From HFF’s perspective, Richardson in particular is faring well. Marketing materials produced by the firm indicate that Richardson has been one of the strongest submarkets in Dallas over the past year, absorbing more than 1 million square feet of space. Furthermore, the area stands to benefit in the short and long term from the completion of the 186- acre CityLine development, which will encompass such major office users as State Farm and Raytheon, as well as hotel, retail, and multi-housing development.