The 95%-leased Skymark Tower was bought from six-year owner, Blue Capital Investments Inc., the Atlanta-based subsidiary of Blue Capital GmbH of Hamburg, Germany. StratREAL's founder, chairman and chief executive Pierre N. Rolin has told GlobeSt.com in the past that development will be part of the 2007 plan so the extra land undoubtedly weighed heavily on the decision to acquire the well-known class A building on 5.47 acres at 1521 N. Cooper St.

"We can realize the opportunities for rental growth and increased returns for our client as Arlington expands as a major hub for sports and entertainment," Jeremy Gates, StratREAL's managing director, says in a press release. "In addition, opportunities for future retail development exist."

PM Realty Group, which retained leasing, last year started pushing development projects in the Dallas/Fort Worth region. "I think the market will dictate what's developed on that site," says Kurt Cherry, vice president for Houston-based PM Realty. "We'll look at all the possibilities as to what and when." More office, he adds, isn't out of the picture.

The eight-story Skymark Tower is one of a handful of class A buildings in the city. "Everybody knows this building," Cherry says. Its lead tenants are Fidelity National Home and Wachovia Bank.

"There's not much rent roll exposure in 2007," Cherry tells GlobeSt.com about the 20-tenant roster. The quoted rate is $21.50 per sf, full service. PM Realty also took over management from Gaedeke Landers in Dallas with the sale, which was brokered by Cushman & Wakefield of Texas Inc.

Cherry says the asset rolled into StratREAL's hands in prime condition. "There is no major capital renovation planned for 2007," he adds. "The building's been extremely well taken care of."