|Crescent Real Estate and Long Wharf Real Estate bought the 13-story|
International Plaza III office building on the Dallas North Tollway.
Thursday, August 11, 2016
Crescent Real Estate heads up the tollway with new office tower buy
Developer and investor Crescent Real Estate LLC has purchased an office high-rise on the Dallas North Tollway.
Crescent and Boston-based Long Wharf Real Estate Partners LLC bought International Plaza III, a 13-story office tower at 14241 Dallas Parkway in Farmers Branch.
The 354,182 square foot building is just north of the Galleria Dallas.
Built in 2002, the high-rise is part of the International Plaza office complex.
The building was sold by an investment partnership. Terms of the sale were not disclosed.
The tower is valued for taxes at $59 million.
Jack Crews will commercial real estate firm JLL brokered the sale.
The other two buildings in the complex are owned by Fortis Property Group of New York and are significantly leased to JPMorgan Chase.
International Plaza III was renovated in 2012 and the new owners say they plan further upgrades.
Major tenants in the building include Excentus and Wells Fargo Foothills.
The Farmers Branch office tower is the second recent purchase by Crescent. In June Crescent bought the luxury Crescent Court Hotel in Uptown for a new real estate investment fund.
"Once again, we were able to take advantage of our relationships in the commercial real estate market to find and acquire a very high quality asset significantly below what it would cost to build today," Crescent CEO John Goff said in a statement. "We are excited to expand our investment portfolio in Dallas, a market we know well.
"Dallas continues to be a strong overall commercial real estate market with a number of compelling submarkets."
The purchase also increases Crescent's footprint in the Far North Dallas real estate market.
Crescent is an investor in the huge Midtown Dallas redevelopment that includes the Valley View Mall on LBJ Freeway.
Crescent has hired Cawley Partners - the original developer of International Plaza - to lease the building.
Crescent is best known in Dallas for its operation of the namesake Crescent complex in Uptown. The developer and investor is overseeing a $33 million redo of the landmark project.
And Crescent is opening its new McKinney & Olive office tower in Uptown. The $225 million, 20-story office and retail project on McKinney Avenue welcomes its first tenants later this month.
Written by Steve Brown/Dallas Morning News