Wednesday, July 18, 2012

Canadian Investor Buys Large Irving Office Complex

By: Steve Brown The Dallas Morning News
One of the largest blocks of empty office space in suburban Dallas has been snapped up by a Toronto investor.
A fund created by Brookfield Asset Management has purchased Citigroup’s three-building, 620,000-square-foot office campus in Las Colinas.
The 52-acre, four-story complex on Regent Drive opened in 2006 and once housed thousands of Citigroup workers in one of the financial firm’s largest regional office centers.
But with cutbacks that came with the financial crisis and recession, Citigroup now occupies only about a third of the buildings.
Brookfield plans to rent out the rest of the project to other businesses. The property is just south of LBJ Freeway.