Wednesday, July 22, 2015

Energy Square office complex in North Dallas sold to two investors

Energy Square includes 960,000 square feet of office space in
three buildings. 
A Chicago real estate firm has purchased one North Dallas’ largest office complexes.

GlenStar Properties teamed up with USAA Real Estate to buy the 3-building Energy Square development on North Central Expressway at University Drive.
The office buildings – which are located next to a commuter rail station – contain about 960,000 square feet and have been for sale since last year.
Energy Square was sold by a partnership of Champion Partners, Lincoln Property Co and Long Wharf Partners. The companies had owned the buildings since 2011.
The previous owners starting in 2012 spent more than $9 million upgrading the properties – the oldest of which dates back to the 1970s.
Tenants in the buildings include New York Life, Davaco and Stonegate Mortgage.
Holliday Fenoglio Fowler L.P. brokered the sale. Terms of the transaction have not been released.
But real estate brokers estimate Energy Square sold for close to $150 million.
The purchase includes land that could accommodate additional high-rise development.
Commercial real estate firm JLL has been hired to lease the buildings.
The new owners say they plan additional upgrades to the property that will further integrate the office space with retail and potentially and apartment building.
“Our goal is to further enhance the great campus setting with amenities and upgrades that will benefit the entire project and surrounding area,” GlenStar Properties Principal Matt Omundson said in a statement.
GlenStar is an experienced Chicago commercial real estate company that does investment, development and leasing. One of its best-known buildings is the historic Chicago Board of Trade building, which has recently undergone a $40 million redevelopment.
Steve Brown/Dallas Morning News