Wednesday, October 05, 2016

It's closed: Gaedeke Group nabs 17Seventeen

 in record-setting deal

A Plano-based real estate developer has received $73 million in debt for 17Seventeen McKinney, which will replace the Uptown tower's construction loan.

An affiliate of Dallas-based Gaedeke Group has closed on Uptown office tower — 17Seventeen — Thursday in a record-setting deal.
Terms of the deal were undisclosed. Real estate sources tracking the deal said the 19-story, 369,017-square-foot tower at 1717 McKinney Ave. sold at more than $510 per square foot.
The six-year-old office tower was acquired from a joint venture between Plano-based Granite Properties Inc. and MetLife.
The tower's "exemplary design and location," were a natural fit in Gaedeke Group's investment re-positioning, said Glenn Lickstein, president of Gaedeke Group LLC.
The property includes 361,524 square feet of Class AA office space and 7,493 square feet of retail space. It has been named as a BOMA 2015 TOBY Award winner and has earned multiple Energy Star rating.

Written by Candace Carlisle - BizJournals