A leading insider of Dallas' investment community has confirmed to GlobeSt.com that the Dallas property, assessed at $46 million, went for a whopping $202 per sf. The building sale brought a new leasing agent in a hotly sought after contract by the city's major league players. Capstar Commercial Real Estate Services has landed the 2323 Bryan St. contract plus shored up a 112,000-sf pact for another freshly sold, class A office building, Park Creek Place at 3625 N. Hall in Uptown.

Bret Bunnett, Capstar's president, tells GlobeSt.com that 60,000 sf to 100,000 sf of leases are waiting in the pipeline for newcomers and renewals at the premier Univision Tower, now 86% occupied. He says look for the deals to start closing in 30 to 45 days. The focus is on telecom users, but the space is equally attractive to the traditional CBD user, says Bunnett. Grubb & Ellis Co. in Dallas previously held the contract.

Dallas' MTA Co., led by Ted Zadeh, was the seller of the 20-year-old, 26-story office property. Univision, AT&T and Cingular are among the lead tenants in a building that's "equipment intensive more so than people intensive," says the inside investment source.

Capstar's Park Creek Place contract came within a month of its acquisition by the Common Fund of Connecticut. Seller Ecom Real Estate of Dallas got nearly $11.8 million or $105 per sf for the 17-year-old Uptown office building, the investment source confides. It boasted a 9% cap rate on in-place income. Park Creek Place is 80% occupied by small to mid-size tenants. Dallas-based Trammell Crow Co. had been the leasing agent.

Bunnett says the who's who in the brokerage community jockeyed for the plum assignments being dangled by the new buyers. "These are two very high-quality institutional owners and they're very capable of repositioning the buildings," he emphasizes. Park Creek Place is in line for a renovation of its common areas by its new owner.

Global Innovation's Miami acquisition, the 162,000-sf TeleSource at 36 NE 2nd St. in the CBD, is home to BellSouth Multimedia Internet eXchange plus a host of Tier 1 carriers and broadband service providers.

The Miami and Dallas buys are good fits for Global Innovation's strategy to acquire key network assets globally, says director Michael Foust. The Global Innovation fund closed March 2001 with $526 million of capital, provided by CalPERS and CB Richard Ellis Investors, to latch onto cutting-edge hard assets.