DALLAS–Deutsche Asset & Wealth Management, on behalf of an institutional client, has acquired Galleria North Tower I. The 379,518-square-foot office building was sold by FSP Galleria North Limited Partnership and arranged by CBRE. The sale price was not disclosed.
“Given its superior quality and compelling investment profile, Galleria North Tower I has been one of the most sought after opportunities in 2014,” says Gary Carr, vice chairman of CBRE, in a statement. “This offering checked all of the boxes with respect to what investors are looking for today – a stable, in-place cash flow coupled with compelling upside potential.”
The Far North Dallas, 12-story property is 87.2% occupied; tenants include Dealertrack Technologies, EmCare Holdings, Insperity and U.S. Bank. The overall submarket has an occupancy rate of 90% and rents are expected to see a 44% cumulative rent growth over the next five years.
Scott Lewis and Greg Green, with CBRE in Dallas, and Steve Roth, with CBRE in Chicago, led the acquisition financing.
CBRE was unable to answer queries for comment before deadline.