Friday, January 22, 2010

Two Dallas Office Buildings Trade Hands

Dividend Capital Total Realty Trust Inc., a diversified real estate investment trust (REIT), announced today that it acquired two class-A office properties located in Dallas, TX in December 2009. The properties total approximately 324,000 square feet.
Preston Sherry Plaza is located in the desirable Preston Center submarket of Dallas. It was constructed in 1986 and totals approximately 147,000 square feet. The property is 89% occupied and major tenants include Remington Oil and Gas Corporation and The Frost National Bank. The property offers many amenities, convenient access to Dallas' major thoroughfares and has been able to command strong rental rates in the Dallas market.
"This acquisition presents an opportunity for us to enhance the portfolio's core office holdings with a class-A property in what we believe is one of Dallas' premier office markets," said Guy Arnold, president of Dividend Capital Total Realty Trust Inc. "In addition, the in-place debt provides attractive terms and does not mature until 2015, providing us the opportunity to enhance yields, control an institutional-quality building and build potential value for our shareholders."
Park Place is located in the Uptown/Turtle Creek submarket of Dallas -- one of the city's most desirable live/work urban environments. It was constructed in 1986 and totals approximately 177,000 square feet. The property is currently 70% occupied and major tenants include Plains Capital Bank, HQ Global Workplaces and Analysis Group.

"This property offers a value-add opportunity in one of the highest rent submarkets in the Dallas metro area," said Arnold. "The low initial cost basis should enable us to reposition the property to attract tenants, boost occupancy and increase yields."
Dividend Capital Total Realty Trust Inc., a Denver-based REIT, invests in a diversified portfolio of commercial real estate assets. As of September 30, 2009, the company owned 76 properties totaling approximately 12.5 million square feet in 26 geographic markets.

Certain items in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "expect(s)," "could," "should," and "continue" and similar expressions are intended to identify such forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could lead to actual results materially different from those described in the forward-looking statements. Dividend Capital Total Realty Trust Inc. can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from Dividend Capital Total Realty Trust Inc.'s expectations include, but are not limited to, the uncertainty of the sources for funding Dividend Capital Total Realty Trust Inc.'s future capital needs, delays in the acquisition, development and construction of real properties, changes in economic conditions generally and the real estate and securities markets specifically and the other risks detailed from time to time in Dividend Capital Total Realty Trust Inc.'s Securities and Exchange Commission reports. Such forward-looking statements speak only as of the date of this press release. Dividend Capital Total Realty Trust Inc. expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the company's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.