Cornerstone Real Estate Advisers Inc., the Hartford, CT-based real estate arm for MassMutual, acquired the 88.2%-leased office tower from Irving, TX-based Archon. Real estate sources in Dallas-Fort Worth say the lease rollover at 5910 N. Central Expressway was one of the stickling points in the offering. The all-star cast isn't returning telephone calls to discuss the transaction.
Sources say the lookers included Australian-headquartered Lend Lease Corp., Fort Worth's Crescent Real Estate Co. and Houston-based Hines Interests. Most likely, they constituted the backup list for the brokerage team, which brought the property to market late last year. At one point, Archon reined in the offering and then brought it out again to hyped up, renewed interest from investors who have gotten even hungrier for Dallas-Fort Worth office properties in the last two months.
The 20-story tower, built in 1985, sits on 3.2 acres in the southern section of the LBJ Central Expressway submarket and along the DART light-rail line. Considered one of the top assets along North Central Expressway in terms of occupancy and rental rates, space is quoted at $22 per sf to $23.50 per sf plus electric.
The "Who's Who" tenant roster includes Merrill Lynch Corp. and Texas Capital Bank, both of which have their names on the high-rise. The office tower's also home to the Premier Club, considered "the" most prestigious health club in North Dallas. The 62,000-sf state-of-the-art facility's lease runs through 2011, according to information on the Web site of Dallas-based Holliday Fenoglio Fowler.
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