Monday, October 20, 2014

Addison office tower sold to PM Realty Group

One Hanover Park was built in 1998. (PM Realty)
A tollway office tower has new owners.
Houston-based PM Realty Group and American National Insurance Co. have jointly purchased the 8-story One Hanover Park building at 16633 North Dallas Parkway in Addison.
The 195,894 square-foot property was built in 1998 and is more than 80 percent leased. It’s located on the west side of the Dallas North Tollway, north of Keller Springs Road.
The building was sold by a partnership between Cawley Partners and Stockbridge Capital. Terms of the transaction were not disclosed.
“The acquisition of One Hanover is indicative of the type of product PM Realty Group is looking to and has purchased across the country,” John Dailey, executive vice president, said Thursday in a statement. This is reflected in the asset quality, preferred location and strong improving market conditions.”
CBRE Group’s Eric Mackey, Gary Carr, John Alvarado, and Robert Hill brokered the sale.