DALLAS—Los Angeles-based CBRE Strategic Partners U.S. Value 7 has acquired Galleria Towers, the iconic 1.4 million-square-foot, three-building class A office complex in North Dallas, from Los Angeles-based Cannon Commercial Inc.
Estimates place the sale north of $300 million. Galleria Towers is located at 13355, 13455 and 13155 Noel Road, adjacent to the Galleria Mall. Representatives with CBRE were unable to offer additional comments at press time.
However, the firm says it will continue to invest in the buildings, including adding conference facilities, a fitness center, and enhancing on-site tenant amenities in each building.
“Dallas, which is a target market for Strategic Partners U.S., has been one of the better performing office markets in recent years,” says Vance Maddocks, president of CBRE Strategic Partners U.S. “Companies continue to relocate to Dallas, citing lower costs of doing business as well as proximity to transportation infrastructure, and the expansion of the LBJ Expressway will benefit access to this property.”
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