Plano office building sells to local investor

A partnership represented by commercial real estate investor and broker Gildenson Real Estate has purchased a Plano office building from Franklin Street Partners.

The partnership bought the eight-story One Legacy Circle at 7500 Dallas Parkway, the Dallas Morning News reported. Liberty National Bank provided the funding. The price wasn’t disclosed.

CBRE’s Russell Ingrum, Jared Chua, Patrick Benoist, Michael Dewey, Matt Murphy and Jennifer Joseph brokered the transaction.

One Legacy Circle was built in 2008, and Franklin Street had owned the 214,000-square-foot property since 2011. It is more than 70 percent leased by tenants including Morgan Stanley, Bread Financial and TBX Employee Benefits, the outlet said.

The building was valued at $55 million this year by the Dallas Central Appraisal District, and it last sold for almost $54 million.

Gildenson Real Estate also holds the 19-story Merit Tower at 12222 Merit Drive in North Dallas.

Here’s what else is shaking in Texas office real estate:

Audubon Engineering Company has moved its headquarters to 8 West Centre, at 3505 West Sam Houston Parkway North in Houston. The energy engineering firm leased almost 72,000 square feet from Tel Aviv-based Azrieli Group, the Houston Business Journal reported. The firm increased its office footprint, vacating about 60,000 square feet in the West8 Tower at 10205 Westheimer Road. Joshua Brown, Reggie Beavan and Audrey Selber of Newmark represented Audubon. Russell Hodges and Bubba Harkins of CBRE represented the landlord.

Palo Alto, California-based travel technology firm Navan has subleased 34,000 square feet at 501 Congress in Austin from landlord AFIAA Investment Foundation for International Real Estate Investments, the Austin Business Journal reported. Dropbox was the previous tenant. Navan employees in Austin have been operating out of co-working spaces, but the firm has added so many employees since its arrival in Austin in 2019 that it needed a permanent space, the outlet said. The firm took the top two floors of the five-story building. Brent Powdrill of JLL was one of the brokers in the deal.

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A distressed office building in Dallas is being pitched for multifamily conversion, the Dallas Morning News reported. The Uptown Tower’s owner, a Houston-based REIT, defaulted on a $14 million loan that matured Oct. 1. Institutional Property Advisors is marketing the 3-acre site at 4144 North Central Expressway as an “apartment development site.” 

“You could repurpose the existing building, or you could actually knock it down and rebuild a purpose-built multifamily project without having to spend the money on a garage,” Drew Kile of Institutional Property Advisors told the outlet.