The Biggest Office Sales in Dallas-Fort Worth This Year

26 December 2024

One investor’s burden is another’s bargain buy. That was the story of DFW’s office market this year.

The biggest office sale of the year was a distress buy. Provident Realty Advisors nabbed an 18-acre office complex in Richardson after a court wrested the property from its previous owner.

Here are the 10 biggest office sales in Dallas-Fort Worth this year, with data provided by Newmark, CBRE and Cushman & Wakefield.

Lakeside Campus | 2201 and 2221 Lakeside Boulevard, Richardson

The area’s largest office deal closed in November when Provident Realty Advisors bought Lakeside Campus, the 18-acre campus that houses RealPage. It’s 69 percent leased.

The price wasn’t disclosed, but Provident borrowed $20.4 million to buy the property, which includes a 16-story building, a four-story building and a parking garage, the Dallas Morning News reported. It is valued at $93.5 million, appraisal district records show.

The seller was California-based Trigild, which took control of the 800,000-square-foot complex after previous owners Chicago-based GEM Realty Capital and Dallas-based Cawley Partners missed loan payments on the property’s $81.3 million mortgage.

Royal Tech Commons | 8333 Ridgepoint Drive, Irving

Entrada Partners became the owner of Royal Tech Commons, an 11-property office portfolio in August. The Dallas-based private equity firm bought the 623,000-square-foot campus from Dilweg, an investor based in North Carolina, in July.

Freeport Business Center | 8222 North Belt Line Road and 8616, 8710 and 8550 Freeport Parkway, Irving

Ross Perot Jr.’s Hillwood added the 34-acre Freeport Business Center to its portfolio this spring. The property is in Las Colinas, near DFW Airport. The seller was UBS.

The 383,000-square-foot office/industrial complex is made up of three buildings and is 70 percent leased. Tenants include Boeing Company and Sirius XM. Boeing added 50,000 square feet to its lease in April, the Dallas Morning News reported.

Preston Commons | 8111, 8115 and 8117 Preston Road, Dallas

Preston Commons traded from KBS to Energy Transfer Partners last month. The 428,000-square-foot office property is made up of three buildings and is 93 percent leased.

The Campus at Legacy | 5320 Legacy Drive, Plano

Louisiana-based fast food chain Raising Cane’s purchased The Campus at Legacy in Plano, with plans to relocate its Dallas restaurant support office to the property. The seller was Transwestern, deed records show.

Raising Cane’s intends to spend $20 million renovating the 400,000-square-foot property and plans to move into the building in 2026. The city of Plano is providing $6.2 million in incentives.

The terms of the sale were not disclosed, but the property is valued at $56 million, according to appraisal district records.

International Plaza II | 14221 North Dallas Parkway, Dallas

Shorenstein Investment Advisers borrowed $78.3 million from JP Morgan to purchase International Plaza II, a 15-story office building in Far North Dallas. The seller was New York-based investor Taconic Capital.

The sale price was not disclosed, but it is appraised for property taxes at $98.7 million. The 388,000-square-foot property was built in 2000 and was renovated in 2020. At the time of the sale, it was 93 percent leased.

750 West John Carpenter Freeway, Irving

In a sign of the times, Piedmont Office Realty Trust offloaded the former CVS Health Tower in Irving for less than half what it paid in 2016.

The Atlanta-based REIT sold the 315,000-square-foot office building to Austin-based Capital Commercial for $23 million, or $73 per square foot. That’s a 54 percent discount from the 2016 purchase price: $49.6 million, or $157 per square foot.

Piedmont spent more than $750,000 renovating the property during its eight-year investment.

International Business Park VIII-X | 4100 and 4120 International Parkway and 4100 Midway Road, Carrollton

A Carrollton office park changed hands in November. The Dallas-based Billingsley Company sold the property to Fisher Investments. The buildings are part of a 300-acre campus with 13 office buildings.

Collins Crossing | 1500 North Greenville Avenue, Richardson

Nebraska-based Goldenrod Companies has made a name for itself in North Texas in the last five years with developments in Fort Worth and West Dallas. This year, the firm also purchased a vintage office property in Richardson.

Goldenrod snapped up the 11-story Collins Crossing from Massachusetts-based Franklin Street Properties; the purchase includes 3.5 acres of adjacent land zoned for multifamily. It was built in 1999 and is 85 percent leased. The firm plans to update the property by adding retail and open space. Its taxable value is $34 million.

John Zogg, Goldenrod’s Southwest regional president, called the acquisition “one of the best office deals I’ve seen,” due to the tenant roster and location.

5000 and 5050 Quorum Drive, Dallas

New York-based DRA Advisers sold the two-building office complex at 5000 and 5050 Quorum Drive to CAMCO Investment Group, which is based in Dallas. The terms of the sale were not disclosed, but CAMCO borrowed $20.29 million ($68 per square foot) from American Bank of Commerce for the asset, according to loan documents. The 300,000-square-foot property was built in 1984 and renovated in 2016.