A high-profile Telecom Corridor office campus that includes additional developable land has changed hands.
The five-story headquarters complex has been owned by California investor The Swig Co. since 2005. The more than half-million-square-foot office space was picked up by JP Realty Partners with Happy State Bank providing $42 million to finance the purchase, the Dallas Morning News reported. Dallas-based Liberty Bankers Insurance was also a partner on the deal.
The full 29-acre property is located on the busy North Central Expressway at Spring Valley Road in Richardson. The sale includes the two connected buildings, plus more than nine acres of vacant land.
It currently serves as the headquarters for fashion designer-manufacturer Fossil Group. The fashion giant has designed, manufactured, and distributed watch lines for brands such as Burberry, DKNY, Armani, Columbia Sportswear, Diesel, Karl Lagerfeld, Tory Burch, Kate Spade, Michael Kors, Callaway Golf, Marc by Marc Jacobs, and Adidas.
The company is currently seeking to sublease more than 135,000 square feet of surplus office space at its headquarters, according to property brokerage company reports. Fossil moved in about a decade ago and renovated the buildings, which dated back to the 1970s. Before Fossil moved in, the complex served as the Texas headquarters for the Blue Cross Blue Shield.
The sale of the Fossil headquarters is the latest in a string of recent North Texas office building deals. More than $1 billion in local office properties have been sold so far in 2022, according to the DMN.
In April, New York-based Acram Group bought the Spectrum Center in Addison, just north Dallas, through a joint venture with Oak Hill Advisors. Granite Properties sold the center, which comprises 614,000 square feet of Class A office space across two 12-story towers, for $114.3 million.
In March, The Point at Las Colinas was snatched up by an undisclosed New York-based investor with $37 million in financing from UMB Bank.
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[DMN] — Maddy Sperling