Brokers are not revealing any financial data on the transaction.
Smith did tell GlobeSt.com that the class B building is 65% occupied. The Stemmons submarket has not been very active of late, he says. Its 13 million sf of office space has an overall vacancy rate of 18%.
Smith says average lease rates for the submarket run $12 to $14 per sf. Smith's and Simon's team at Transwestern sold a portfolio of 14 buildings in mid-summer.
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