With the deal in the final stretch, dealmakers are keepingdetails close to the vest although the buyer's identity has beenconfirmed. Sources did say that Cannon Commercial, led by brothersKam and Shervin Mateen, have sold roughly $350 million of officeand retail assets in Houston and are preparing to plow most of theproceeds into the Dallas market. The 95%-leased Galleria officelandmark along Noel Road will be Cannon Commercial's first majoracquisition in the city.

Cannon Commercial, a recognized long-term holder, owns 14million sf of office and retail properties in seven states. In thepast year, the firm has acquired the 239,049-sf Toll Hill OfficePark on 8.9 acres at 5310 and 5440 Harvest Hill Rd., which is onemile south of the Galleria buildings and a 121,440-sf, class Bbuilding at 7515 Greenville Ave., about seven miles to thesoutheast.

Brooklyn, NY-based Fortis Property Group bought the trio and a1.5-acre tract, primed for a 288,000-sf Galleria IV office project,in November 2006. Fortis put the package up for sale last fallafter bumping occupancy to 98% and rents to $28 per sf to $30 persf during its short hold. Steering the sale are Jones Lang LaSallemanaging directors John Alvarado, Jack Crews and Evan Stone.