ADDISON, TX-Last week, GlobeSt.com reported that the class AA Millennium Tower was on the market, with KBS Realty Advisors its seller. This week, one of the seller's representatives, John Alvarado with CBRE, filled in a couple of the gaps concerning the timeline for the marketing process of the 351,683-square-foot office tower on the Platinum Corridor.
Alvarado, who is working with CBRE colleagues Gary Carr, Eric Mackey and Robert Hill to market the asset on behalf of the Newport Beach, CA seller, says it's hoped that the deal for the building at 15455 N. Dallas Pkwy., will close around Thanksgiving or early December. Nor is the reason for the marketing process marketing necessarily an exodus for the seller, who has other properties throughout the Dallas area. "We're not aware of any other sales they're planning this year," Alvarado tells GlobeSt.com.
When asked about pricing, Alvarado opted not to comment. Other area sources note, however, that the building could fetch well north of $80 million. When KBS bought the property in 2008, it paid north of $70 million. The Dallas Central Appraisal District assesses the stabilized property at $54.8 million.
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