DALLAS–Deutsche Asset & Wealth Management,on behalf of an institutional client, has acquired GalleriaNorth Tower I. The 379,518-square-foot office building wassold by FSP Galleria North Limited Partnership andarranged by CBRE. The sale price was not disclosed.

“Given its superior quality and compelling investment profile,Galleria North Tower I has been one of the most sought afteropportunities in 2014,” says Gary Carr, vicechairman of CBRE, in a statement. “This offeringchecked all of the boxes with respect to what investors are lookingfor today – a stable, in-place cash flow coupled with compellingupside potential.”

The Far North Dallas, 12-story property is87.2% occupied; tenants include Dealertrack Technologies, EmCareHoldings, Insperity and U.S. Bank. The overall submarket has anoccupancy rate of 90% and rents are expected to see a 44%cumulative rent growth over the next five years.