The largest office sales in Dallas-Fort Worth this year

One investor’s burden is a bargain purchase for another. That was the story of the DFW office market this year.

The largest office sale of the year was an emergency purchase. Provident Realty Advisors snapped up an 18-acre office complex in Richardson after a court seized the property from its previous owner.

Here are the 10 largest office sales in Dallas-Fort Worth this year, with data from Newmark, CBRE and Cushman & Wakefield.

Lakefront Campus | 2201 and 2221 Lakeside Boulevard, Richardson

The region’s largest office deal was completed in November when Provident Realty Advisors purchased Lakeside Campus, the 18-acre campus where RealPage is located. It is 69 percent leased.

The price was not disclosed, but Provident borrowed $20.4 million to buy the property, which includes a 16-story building, a four-story building and a parking garage, the Dallas Morning News reported. The property is valued at $93.5 million, county appraisal records show.

The seller was California-based Trigild, which took control of the 800,000-square-foot complex after previous owners GEM Realty Capital, based in Chicago, and Cawley Partners, based in Dallas, defaulted on loan payments on the property’s 81.3-square-foot mortgage millions of US dollars had been missed.

Royal Tech Commons | 8333 Ridgepoint Drive, Irving

Entrada Partners became the owner of Royal Tech Commons, an 11-property office portfolio, in August. The Dallas-based private equity firm purchased the 623,000-square-foot campus in July from Dilweg, a North Carolina-based investor.

Freeport Business Center | 8222 North Belt Line Road and 8616, 8710 and 8550 Freeport Parkway, Irving

Ross Perot Jr.’s Hillwood added the 34-acre Freeport Business Center to its portfolio this spring. The property is located in Las Colinas, close to DFW Airport. The seller was UBS.

The 35,000 square meter office/industrial complex consists of three buildings and is 70 percent leased. Tenants include Boeing Company and Sirius XM. Boeing expanded its lease by 50,000 square feet in April, the Dallas Morning News reported.

Preston Commons | 8111, 8115 and 8117 Preston Road, Dallas

Preston Commons was traded from KBS to Energy Transfer Partners last month. The 428,000 square meter office property consists of three buildings and is 93 percent leased.

The Campus at Legacy | 5320 Legacy Drive, Plano

Louisiana-based fast-food chain Raising Cane’s has purchased The Campus at Legacy in Plano and plans to move its Dallas restaurant office to the property. The seller was Transwestern, deed records show.

Raising Cane’s plans to spend $20 million renovating the 400,000-square-foot property and plans to move into the building in 2026. The City of Plano is providing $6.2 million in incentives.

Terms of the sale were not disclosed, but the property is valued at $56 million, according to county appraisal records.

International Plaza II | 14221 North Dallas Parkway, Dallas

Shorenstein Investment Advisers borrowed $78.3 million from JP Morgan to buy International Plaza II, a 15-story office building in far north Dallas. The seller was New York investor Taconic Capital.

The sale price was not disclosed, but is estimated at $98.7 million after property taxes. The 38,000 square meter property was built in 2000 and renovated in 2020. At the time of sale, it was 93 percent leased.

750 West John Carpenter Freeway, Irving

In a sign of the times, Piedmont Office Realty Trust sold the former CVS Health Tower in Irving for less than half of what it paid in 2016.

The Atlanta-based REIT sold the 315,000-square-foot office building to Austin-based Capital Commercial for $23 million, or $73 per square foot. That’s a 54 percent discount from the 2016 purchase price: $49.6 million, or $157 per square foot.

Piedmont spent more than $750,000 renovating the property during its eight-year investment.

International Business Park VIII-X | 4100 and 4120 International Parkway and 4100 Midway Road, Carrollton

An office park in Carrollton changed hands in November. Dallas-based Billingsley Company sold the property to Fisher Investments. The buildings are part of a 300-acre campus with 13 office buildings.

Collins Crossing | 1500 North Greenville Avenue, Richardson

Nebraska-based Goldenrod Companies has made a name for itself in North Texas over the past five years with developments in Fort Worth and West Dallas. This year, the company also purchased a vintage office property in Richardson.

Goldenrod snapped up the 11-story Collins Crossing from Massachusetts-based Franklin Street Properties. The purchase includes 3.5 acres of adjacent land zoned for multi-family housing. It was built in 1999 and is 85 percent rented. The company plans to modernize the property by adding retail and open space. His taxable value is $34 million.

John Zogg, Goldenrod’s Southwest regional president, called the acquisition “one of the best office deals I’ve ever seen” because of the tenant roster and location.

5000 and 5050 Quorum Drive, Dallas

New York-based DRA Advisers sold the two-building office complex at 5000 and 5050 Quorum Drive to Dallas-based CAMCO Investment Group. Terms of the sale were not disclosed, but CAMCO borrowed $20.29 million ($68 per square foot) from American Bank of Commerce for the asset, according to loan documents. The 300,000 square meter property was built in 1984 and renovated in 2016.

Read more

Provident buys the previously distressed RealPage headquarters

Goldenrod acquires Richardson office building, expanding DFW portfolio

Hillwood is purchasing a three-building office/industrial complex in Las Colinas