Friday, February 27, 2015
Galleria office towers on LBJ Freeway are under contract to Florida buyer
One of North Dallas’ largest office tower complexes could be changing hands.
The 3-building Galleria Towers at LBJ Freeway and Noel Road contain almost 1.4 million square feet of office space and are connected to the landmark shopping mall.
Florida-based Parmenter Realty Partners has contracted to buy the high-rises in what would be one of the largest such recent real estate transactions in North Texas.
Managers of the towers have notified tenants in the buildings that Parmenter has a purchase agreement for the properties.
Parmenter officials declined to comment on the pending transaction.
Since 2008 the buildings have been owned by California-based investor Cannon Commercial.
The towers – constructed between 1981 and 1990 –fetched more than $300 million when they last changed hands.
If completed, the purchase would be the second large acquisition in Dallas for Parmenter.
Last year the Miami-based company bought the 1.35 million-square-foot Cityplace Tower north of downtown Dallas for more than $130 million. The commercial real estate investor plans to develop new projects around the 42-story tower.
One of the Galleria Towers’ largest tenants – FedEx Office – will be leaving the project later this year when its new headquarters in West Plano is finished.
But demand for office space in the LBJ Freeway corridor has jumped in the last year as construction on the highway expansion has progressed. In 2014 expanding and relocating tenants leased more offices in the LBJ Freeway market than any other suburban Dallas business district.
Steve Brown,The Dallas Morning News