Chicago investor buys Richardson office building

Apart from the iconic Wrigley building in Chicago, Zeller Realty now owns a 300,000-square-foot office building in Richardson, north of Dallas.

The five-story building at 3400 CityLine Drive is just east of the busy interchange of the Bush Turnpike and Highway 75. It’s part of a $1.5 billion mixed-use development called the CityLine district. Zeller picked up the property for an undisclosed amount with $62.234 million in financing from Rubenstein Direct Lending, according to The Dallas Morning News.

Constructed in 2018, the office building was developed by UBS Asset Management and Transwestern Development. It’s reportedly more than 70 percent leased with major tenants including DXC Technology, Generational Equity and McCarthy Cos.

Chicago-based Zeller Realty owns almost 10 million square feet of real estate across 10 states. According to its website, the only other Texas property in Zeller’s portfolio is the Lonza Viral Therapy Facility in Houston.

Back in January, the firm took a loss when it sold a 65-story tower at 311 South Wacker Drive in Chicago. It bought the property in 2014 for $302 million via a joint venture with Chinese investor Cindat Capital Management. Despite $78 million in renovations, it would later be sold to Virginia-based real estate firm Firenze Group for just $310 million.

Meanwhile, the Dallas-Fort Worth metroplex has led the country in investment property sales with almost $23 billion in transactions in the first half of this year.

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— Maddy Sperling