Thursday, November 21, 2013

Investor to buy high-profile Addison tower

One of the Dallas-area’s biggest urban office investors is about to make a major play in the ‘burbs.

Gaedeke Group has contracted to purchase the 14-story Millennium Tower in Addison, real estate brokers say.

The 354,000-square-foot office tower is one of the newest buildings along that stretch of the Dallas North Tollway and has been owned since 2008 by KBS Real Estate Investment Trust.

Located at Arapaho Road and the tollway, the building is substantially leased to major tenants including Broadcom Corp., Hudson Global and Dresser Inc.

The building is valued for taxes at more than $55 million.

Millennium Tower is being sold by KBS.
By Steve Brown