MetLife Eyes Citigroup Campus; Oak Properties Buys Garfield Mixed-Use from USAA
- Jun 27, 2011
Once the largest corporate facility to get built in the Dallas suburbs, Citigroup’s campus, part of Las Colinas, might soon see a change of owners. According to local real estate brokers and economic development officials, MetLife Home Loans has shown interest in the 625,000-square-foot office complex, reports The Dallas Morning News.
Opened in 2006, the facility at 4000 Regent Blvd. housed thousands of Citigroup workers before the recession. Developed by Dallas-based KDC over an 18-month period, the 50-acre office campus just south of the LBJ Freeway is valued for tax purposes at more than $54 million, according to The Dallas Morning News. No longer needing the entire space, Citigroup had been seeking tenants for the vacant space in the three buildings.
MetLife Home Loans is currently occupying the former First Horizon Home Loan Corp. facility right across the street from the Citigroup complex. Starting in 2008, MetLife has continued to expand its mortgage operations, needing more office space; its move would not only fill the empty space but could also bring more workers to the area. No official statement has been made, but in case of a successful sale, Citigroup would continue to occupy part of the campus under a long-term lease.
Oaks Properties L.L.C. already closed the deal for the Garland mixed-use development 5th Street Crossing. USAA Real Estate Co. has sold the transit-oriented apartment and retail development in Garland’s Old Town Station to the Minneapolis-based real estate company for an undisclosed amount.
Consisting of 188 Class A multi-family units and 12,000 square feet of retail and office space, the mixed-use development spans more than three acres of land along the Dallas Area Rapid Transit (DART) route. USAA Real Estate—which developed the project in 2009 alongside High Street Residential, a Trammell Crow subsidiary—was represented in the sale by Mark Stymiest of CB Richard Ellis Group Inc.