DALLAS—CBRE has concluded the sale of 1700 Pacific, a class A office tower in the Dallas Central Business District. Quebec, Canada-based Olymbec Group acquired the asset for an undisclosed price.
The 49-story office tower has 1.3 million square feet, three levels of on-site parking and an off-site parking garage connected via enclosed sky bridges. The property also includes concourse-level retail.
CBRE’s John Alvarado, Gary Carr, Eric Mackey, and Robert Hill arranged the transaction on behalf of the seller, Berkeley Investments, Inc. Berkeley paid $98 million for the building in 2005.
“1700 Pacific presented an opportunity to acquire a meaningful stake in the ongoing transformation of the Dallas CBD,” said Alvarado, senior vice president of CBRE. “Investors were attracted to this property because it is well positioned to capture surplus demand from Uptown by serving as a cost-effective alternative that provides high-quality space and amenities.”
Over the last decade in downtown Dallas, more than $3 billion of capital improvements have included residential developments, public parks and cultural, convention and entertainment projects. 1700 Pacific is within walking distance of some of downtown’s best-in-class amenities, including the Tower Club, Main Street Gardens, the Neiman Marcus flagship store, and Majestic Theatre.
The property’s high-quality tenants include law firm Akin Gump Strauss Hauer & Feld LLP, Neiman Marcus, Mary Crowley Medical Research Center, and Southcross Energy—a business unit of Southcross Energy Partners. Current occupancy is reportedly at about 50%.