Monday, September 15, 2014

On the market: Citymark building in Uptown Dallas

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The building's largest tenant Balfour Beatty Construction leases 43 percent of the property for the company's U.S. headquarters, which is expected to run through January 2022.

Hines Real Estate Investment Trust Inc., an affiliate of Houston-based Hines, has placed one of Uptown's most visible office buildings on the market.

The 11-story, 218,926-square-foot office tower, known as Citymark, sits at 3100 McKinnon St. on a 3.7-acre site with a four-level parking garage and a half-acre tract of developable land along the busy thoroughfare to the entrance of the Dallas North Tollway.

The building's largest tenant Balfour Beatty Construction leases 43 percent of the property for the company's U.S. headquarters, which is expected to run through January 2022. The entire property is 73.6 percent leased.

That availability of office space in a tight Uptown submarket with rising rents gives Citymark tremendous upside for an investor, said Gary Carr, vice chairman of CBRE.

"The implementation of a capital improvements program and repositioning of the asset will enable the new owner to command significantly higher rents," Carr said in a written statement.

Carr, John AlvaradoEric MackeyRussell Ingrum and Robert Hill of CBRE is marketing the property on behalf of the seller, Hines Real Estate Investment Trust Inc.

The property includes an on-site, full-service deli with indoor and outdoor seating, a fitness center and a plaza with a half-court basketball court and a jogging trail for tenants.

By: Candace Evans