Friday, February 20, 2015

Granite Tower on LBJ Freeway sold to California investor

An LBJ Freeway office tower has a new owner.

The 10-story Granite Tower on Valley View Lane at LBJ Freeway was purchased by California-based Buchanan Street Partners.

The 240,000-square-foot high-rise was built in 1999 by Granite Properties.

HFF negotiated the sale.

Granite Tower is the latest in a string of office building sales along LBJ Freeway.

Construction to expand the freeway has been underway for several years and until recently slowed office leasing and investment in the area.

But with the freeway expansion more than half complete, both building buyers and office tenants are returning to the LBJ market.

Last year the LBJ Freeway corridor had more suburban net office leasing than any other Dallas-area business district.

Granite Tower’s new owner Buchanan Street Partners is a real estate investment management firm based in Newport Beach.

Steve Brown, The Dallas Morning News