The 10-story Wellington Centre just north of Galleria Dallas has a new owner.
Pratt Street Capital has reportedly added 14643 North Dallas Parkway to its Texas portfolio.
The seller, according to The Dallas Morning News, is “Taiwanese investment firm Fidelity Commercial.”
“This transaction reflects the continued investor demand in D-FW, one of the nation’s top corporate relocation destinations and business-friendly environments,” Newmark’s Gary Carr said in a press release.
The deal was financed with a $28 million loan, according to county records.
With this latest acquisition, Baltimore-based Pratt Street now has a total of five office properties—totaling about 2 million square feet— across the Lone Star State.
The 210,465-square-foot office building was built in 1986 and renovated in 2015. Pratt Street plans to upgrade lobbies and add new amenities to the building, says its head of acquisitions, David Braunstein.
“I think that we can transform Wellington Center into a Class A-type of office that employers are chasing as they attempt to lure their employees back to the office,” he said. “We’ve always loved the corner of Main and Main, which is the tollway and 635.”
The Wellington Centre is currently 91 percent leased with nine office spaces available— a total of 22,300 square feet of unoccupied space.
Since being named the most active commercial real estate market in the country this summer, Dallas-Fort Worth has felt the chill of inflation and economic uncertainty. In October, Tim Wang, an executive at Clarion Partners—a top property owner in North Texas— told DMN that the industry is bracing for a recession.
“Inflation is at a decades high and the Fed is very aggressive,” he said. “The question is on timing, severity and recovery— winter is coming.”
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— Maddy Sperling