DALLAS—Metzler Real Estate has traded Galleria North Tower II, a 306,244-square-foot office tower it has owned since 2005, for $71.25 million on behalf of its sponsored Metzler US Real Estate Fund. The company did not identify the buyer, an international institutional investor; a story in the Dallas Morning News identified the property's new owner as RREEF, the real estate investment business of Deutsche Bank's Deutsche Asset & Wealth Management division.

RREEF is also the owner of Galleria North II's companion property, the slightly larger Galleria North Tower I. The company paid $86 million in June 2014 to acquire it from Franklin Street Properties, according to Real Capital Analytics. RREEF sold Galleria North II to Metzler a decade ago for $62 million, having bought it in 2002.

Hines developed the 13-story property at 13727 Noel Rd. in North Dallas in 1999. Its tenant roster includes Merit Energy and Time Warner. 

“Our team's disciplined approach to investment and asset management led to the successful sale of this asset,” says Don Wise, president and CEO of Metzler Real Estate. “We continue to see institutional investors aggressively pursue high-quality, well-located office properties like Galleria North Tower II.” A CBRE team represented Metzler in the property sale.