Granite Buys Class A Office Property in Uptown Dallas
- Mar 19, 2012
Granite Properties recently made an important acquisition in Uptown Dallas, with the purchase of Cedar Maple Plaza, an office property comprising three Class A buildings.
The 120,000-square-foot property, built in 1985, is located across from the city’s Crescent Hotel. The firm plans to continue common-area improvements started by the property’s former owner, EOP/Blackstone. Cedar Maple is currently 93 percent leased, with Wells Fargo as the lead tenant, according to Commercial Property Executive.
The buyer considers Cedar Maple to be an excellent location for office leasing, according to the Dallas Business Journal, as “space in Uptown is always in demand and one of the benefits of this acquisition is that it is a boutique building in an ideal location.” The buyer was represented in house by director of investments Paul Bennett, while Holliday Fenoglio Fowler L.P. represented EOP/Blackstone.
In the past week, Granite Properties also purchased Plaza One Tower in Denver, a 22-story, 468,885-square-foot office property. The Class A property is currently 88 percent leased to tenants including TCF National Bank, ThyssenKrupp Robins and Merrill Lynch, according to Commercial Property Executive.
Meanwhile, Dallas was home to another recent purchase: that of Trinity Palms, a 506-unit apartment complex. Neither the investor nor the sum was disclosed, according to the Dallas Business Journal, but the property was marketed for two weeks and attracted multiple bidders. It totals 411,884 square feet and sits on 19.3 acres at 9690 Forest Lane.
Photo credits: cedarmapleplaza.com