Friday, January 17, 2014

North Dallas office tower sells to real estate investor

The One Lincoln Park building opened in 1999. (Lincoln Property)
An Atlanta-based real estate investment trust that already has a presence in North Texas has purchased two more office towers.

Piedmont Office Realty Trust bought the 10-story One Lincoln Park office tower in North Dallas. The 262,000-square-foot high-rise is located across the street from NorthPark Center mall at Northwest Highway and North Central Expressway.
Lincoln Property Co. developed the office building in 1999. The building was about 75 percent leased at the time of the sale. U.S. Risk is a major tenant in the property.

The One Lincoln Park building opened in 1999. (Lincoln Property)

And Piedmont added to its extensive holdings in Las Colinas with the purchase of 6565 MacArthur Boulevard, a 10-story, 260,000 square-foot office building. The Irving building is 85 percent leased.

“The addition of these assets to our existing Dallas portfolio will further enhance our ability to accommodate our tenants’ needs,” said Wil Stone, Piedmont senior vice president.

Piedmont already has five other buildings and two development sites in Las Colinas.

Piedmont owns 21 million square feet of buildings across the country including properties in Chicago, Washington, D.C., New York, Boston, Los Angeles and Dallas