DALLAS--Buchanan Street Partners has acquired Richardson Office Center I & II, a 238,301-square-foot campus located in Richardson.

Buchanan Street acquired the property in partnership with CarVal Investors from Principal Real Estate Investors for an undisclosed amount and plans to complete minor upgrades. This is Buchanan Street's second purchase in the greater Dallas area this year.

“The Far North Dallas submarket has been experiencing strong positive absorption and growth in rental rates causing a wider-than-normal price gap compared to Richardson,” says Matt Haugen, assistant vice president at Buchanan Street Partners. “Given that trend, the location was one of the main reasons we were attracted to the property. Companies in search of a better real estate value have moved to Richardson because of its affordability and projected growth.”

Richardson Office Center is located at 3001 & 3101 E. President George Bush Highway. It is currently 90 percent occupied by Boeing, Genpact and Avnet. The property has excellent visibility from the President George Bush Turnpike and boasts a parking ratio of six parking spaces per 1,000 square feet. Buchanan Street plans to complete modest renovations to the two-building campus including painting the exterior of the buildings and lobby upgrades.

“The project benefits from a location that fronts the President George Bush Turnpike, as well as an abundance of new housing and retail amenities in the CityLine development,” Haugen told GlobeSt.com. “Additionally, the property has a high parking ratio which is attractive to companies looking for efficient office space. There is a trend right now of companies looking to maintain their employee count but reduce the amount of space they pay rent on, and Richardson Office Center provides that opportunity.”

Gary Carr and Robert Hill of CBRE represented the seller in the transaction, and Buchanan Street represented itself.

Haugen says Buchanan has an ongoing interest in investing in the area.

“Both the Greater Dallas market, and submarkets such as Richardson, have experienced steady growth this year, and we anticipate much more,” he says. “We are currently working on a number of transactions in Dallas that will be great additions to our portfolio.”