Wednesday, October 12, 2016

Huge Dallas North Tollway Colonnade Office Tower Complex Hits Market

One of the biggest office building developments on the Dallas North Tollway is up for grabs.
The more than 1 million-square-foot, three-tower Colonnade office complex is in Addison at the tollway and Arapaho Road.
The project contains about as much office space as a downtown Dallas skyscraper.
A New York investor which bought the Colonnade three years ago has just put the property up for sale.
Fortis Property Group spent more than $4 million to renovate the 1980s office project after buying the buildings in 2013 for near $200 million.
The Colonnade includes 12, 14 and 16-story office towers linked by a large retail atrium. Theproject is almost fully leased with major business tenants including Hilton Worldwide, United Surgical Partners, Zurich American Insurance and Willis Towers Watson.
Holliday Fenoglio Fower LP, which is marketing the property, describes the Colonnade as one of the largest and most attractive office investment opportunities in Dallas.
Fortis - which hopes to sell the buildings - just paid about $285 million for the 55-story Chase Tower in downtown Dallas.
Written by Steve Brown - Dallas Morning News