Built on spec, the nine-story building has been solely leased to SBC Telecommunications since its March 2000 opening. "This was a very attractive investment opportunity for the net-lease community due to the location and quality of the building together with the credit quality of the tenant," Mark Robertson, Insignia/ESG Capital Advisors' senior managing director in Dallas, tells GlobeSt.com.

Robertson says marketing began six months ago, but Insignia had culled the pool of prospective buyers by December, honing in on Central Expressway Partners LP for the final talks. Robertson's hushed about the sales price, but did say One Telecom is the first property in the region that the investment group has bought. The Insignia brokerage team consisted of Robertson, Roger Burke, a director in Dallas, and Steven Bardsley, a managing director in New York.

SBC Telecommunications holds a 10-year lease on the structure, which includes a three-story parking garage, all positioned on 8.99 acres in one of the hottest DFW submarkets. The Telecom Corridor contains one of the largest concentrations of telecommunications firms in the world, including major facilities or headquarters for giants such as MCI, Fujitsu, Ericsson, Nortel and Texas Instruments. The corridor boasts 80,000 jobs, an economic indicator that's expected to hit 127,000 by 2020.

Robertson says the building's sale has proven there is "a strong interest by institutional investors in class-A Dallas real estate. We believe the investment community's general attitude toward Dallas office buildings is reflexive, rather than based on the strong fundamentals that underlie the Dallas economy and the Southwest in general."