Investors buy 10-story office tower in Dallas suburb
Hudson International Group of New York and Dallas’ Maitland Management among investors
UPDATED, May 3, 2022, 3:46 p.m.: A 10-story office high-rise in Farmers Branch, a suburb north of Dallas, sold to a group of investors that included local and out-of-state firms.
Hudson International Group of New York and Dallas’ Maitland Management, among others, bought the Meridian office building for an undisclosed price at 2711 LBJ Freeway, just east of Interstate 35E, the Dallas Morning News reported. Commercial property firm Transwestern previously leased the building.
The mirrored glass tower is almost 250,000 square feet and was built in 1980, the DMN reported. It is valued for taxes at more than $16 million. Ari Raskas of ARZ Realty Capital arranged the financing for this deal.
This sale adds to a growing list of office properties in the Dallas-Fort Worth metro area that have changed hands in recent months. The transactions show that investors remain bullish on the metro’s office market, which recorded an uptick in leasing activity in the fourth quarter, according to a Jones Lang LaSalle report.
In January, Boston’s Albany Road Real Estate Partners bought an office building next to Love Field, the city’s main airport until the 1970s. Earlier this month, JPMorgan Asset Management sold the 50-story Trammell Crow Center, plus a retail and garage center across the street, to California-based real estate investor Regent Properties. Local brokers estimated that transaction was more than $600 million, though details of the purchase weren’t disclosed.
Also this month, an undisclosed New York-based investor bought The Point at Las Colinas tower in Irving using $37 million in debt from UMB Bank. The 18-story tower is more than 400,000 square feet and is more than 90 percent leased with tenants like Lehigh Hanson, Populus Financial Group, BMO Harris Bank and Tenaska.
The Dallas-Fort Worth area was the top U.S. market for commercial property investment in 2021 with almost $47 billion in transactions, DMN reported.
[The Dallas Morning News] — Kathryn Hardison
UPDATES to add financing details in third paragraph.