Boston’s Albany Road Real Estate Partners added another Dallas property to its Texas portfolio.
Albany Road bought an office building at 1250 W. Mockingbird Lane, next to Love Field, the city’s main airport until the 1970s, the Dallas Morning News reported. The seller was TXRE Properties of Dallas, which had owned it since 2007, according to TXRE’s Justin Smith, who served as the broker.
The building is 94 percent occupied and has tenants including Comerica Bank, Wellmed Networks and L33T Tech. It’s just a block from the Mockingbird Towers office highrises, which Albany Road bought in 2020.
Albany Road also recently acquired Hillcrest Tower on LBJ Freeway and the Plaza at Solana on State Highway 114. Built in the 1980s, the plaza has two office buildings and a retail center spanning nearly 361,000 square feet. The company has more than $1 billion of assets and has offices in Boston, Nashville, Dallas, Denver and San Francisco.
Several blocks of office space in the north suburbs of Dallas have recently hit the sublease market. Liberty Mutual is trying to sublease 300,000 square feet in its regional business campus in Legacy West. A near-record number of Dallas-Fort Worth offices were available for sublease at the end of 2021, according to Transwester.
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[Dallas Morning News] – Madeline Sperling