Tuesday, July 19, 2016

New York investor adds Victory Park tower to Dallas real estate portfolio

One Victory Park office building in Victory Park in Dallas was built in 2008
One of Victory Park's biggest buildings has changed hands.
New York investor Clarion Partners bought the 17-story One Victory Park high-rise at Lamar Street and Victory Avenue.
The 436,253-square-foot Dallas high-rise was built in 2008 and is 95 percent leased. It's the biggest office building in Victory Park.
The building was expected to fetch more than $400 per square foot at sale.
"There are no changes or upgrades planned; the property is very high quality and well-managed," said Jeb Belford, a managing director and portfolio manager at Clarion Partners.
Holliday Fenoglio Fowler LP marketed the office tower for sale.
Terms of the purchase were not disclosed in county deed records.
One Victory Park was sold by a real estate partnership headed by Houston-based developer Hines.
Major tenants in the tower include Ernst & Young, Haynes and Boone, PlainsCapital Bank and HFF.
Buyer Clarion Partners manages $41.5 billion in assets for more than 200 institutional investors in the U.S. and around the world. The company has partnered with Trammell Crow Co. and Rosewood Properties on North Texas developments.
One Victory Park is one of two towers in the development that have been up for sale.
The 23-story Cirque apartment tower on Olive Street next to the American Airlines Center arena is being marketed by CBRE. It was built in 2006 and has 252 luxury apartments.
Two more Uptown office towers near Victory Park are also on the market.
The 19-story 17Seventeen McKinney tower on Akard Street in Uptown is being brokered by HFF.
And the 21-story 2000 McKinney high-rise that fronts on Klyde Warren Park and is across the street from the Ritz-Carlton Hotel is being marketed by Eastdil Secured.
The 17Seventeen McKinney and 2000 McKinney buildings are expected to go for near $500 per square foot.
Written by Steve Brown/Dallas Morning News