Skywalker Property Partners Buys North Dallas Office Building

14 May 2025

Skywalker Property Partners has re-entered the office market with an office building purchase in North Dallas.

The Dallas-based firm bought The Crossings, a 233,000-square-foot office building at 5429 Lyndon B. Johnson Freeway, marking the firm’s first office acquisition in seven years, Bisnow reported.

The 10-story building near Galleria Dallas was 94 percent leased at the time of sale. The seller was Goddard Investment Group; the price wasn’t disclosed. A $1.5 million loan for the building taken out by Goddard a few months before the sale indicated cashflow issues.

The asset will be folded into Skywalker’s recently launched investment fund, the Leverage Strikes Back LLC.

Cushman & Wakefield’s Todd Savage and JLL’s Ben Esterer and Keenan Ryan represented the seller. Skywalker’s Jack Mock and Chris Aguilar negotiated the deal in-house.

The investment fund is likely tied to the firm’s 2023 goal to amass $250 million to be set aside for distressed property plays in the Dallas area in the $10 million to $30 million range.

Skywalker shed the Brookhollow Riverside building at 2505 State Highway 360 in Arlington in 2023 to a Houston company headed by Howard Heald of Silver Creek Realty Advisors. It also sold buildings in East Texas and Oklahoma that year.

The Crossings, built in 1986 and last renovated in 2018, sits on 2.6 acres fronting the Dallas North Tollway. It’s surrounded by multifamily housing and mixed-use developments. Amenities include a fitness center with locker rooms, tenant lounge, full-service café, on-site management and a five-story parking garage.

Skywalker plans to upgrade the garage and improve the tenant lounge. Goddard had held the property for most of the past two decades; it’s valued for tax purposes at $23.5 million.

The building houses a varied spread of tenants; among its largest leaseholders are Hair Club, United States Lime & Minerals, TexasBank and two law firms.

The acquisition also signals confidence in the Lower Tollway submarket, where leasing activity has rebounded this year.

Dallas-Fort Worth’s office market has logged two straight quarters of positive net absorption. Half of the 10 largest office deals this year have closed in the North Dallas corridor, underscoring renewed tenant interest in the submarket.

— Judah Duke