Friday, September 19, 2014

MetLife buys Legacy business park office building in Plano

The Plaza at Legacy was built in 2001. (Hines)
An institutional investor has purchased a large office complex in West Plano.
MetLife Core Property Holdings – a unit of Metropolitan Life Insurance – bought the Plaza at Legacy at 5465 Legacy Drive, Collin County deed records show.
The 7-story, 215,499-square-foot office project was sold by Houston-based Hines and J.P. Morgan Asset Management.
Hines bought the building in 2012. It was built in 2001 and originally housed Computer Associates International.
The building was marketed for sale by CBRE Group’s John Alvarado, Gary Carr, Eric Mackey and Robert Hill.
The property is fully leased to tenants including CA Technologies, Brierley+Partners and Owens Corning.
Earlier this year Hines sold an adjacent vacant development site in a separate transaction to Cawley Partners.
The surrounding Legacy business park is considered to be one  of the hottest office markets in the country.
Toyota Motor Co. is moving its North American headquarters with 4,000 jobs to a location further west on Legacy Drive.
Earlier this year Hines sold an adjacent vacant development site next to the Plaza at Legacy in a separate transaction to Cawley Partners.