ADDISON, TX-Investor Gaedeke Group continues to pick up large assets in the Dallas area and elsewhere—its most recent being the 14-story Millennium Tower bought from KBS earlier this month—and the firm's president says it is still shopping.
“We are constantly seeking to upgrade and invest in our portfolio,” Glenn Lickstein, president of the Dallas-based real estate firm, said in a statement “We are definitely looking to buy more buildings in our existing markets of Dallas, Miami and Washington, D.C., and add some new markets, such as Boston, New York and Atlanta.”
The 354,000-square-foot office tower at the Dallas North Tollway and Arapaho Road was sold by KBS Real Estate Investment Trust, which has owned the building since 2008.
Major tenants in the tower include Broadcom Corp., Hudson Global and Dresser Inc. The building is 97% leased.
“We have looked at many buildings through the years, but this one stood out as a premier class office building,” Lickstein said. “This is an excellent addition to our existing portfolio of class A office properties.”
Terms of the deal were not disclosed, but the building is valued for taxes at more than $55 million.
Gaedeke Group already owns more than a half dozen Dallas-area office properties, according to a report in the Dallas Business News at the time of closing
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
