Lexington obtained a $22-million, non-recourse first mortgage with a fixed interest rate of 5.81% and 10-year term to buy the high-profile piece of real estate--the first commercial development on 216 acres controlled by Southwest Sports Realty, which envisions build-out as a large-scale, mixed-use development that will create a new economic heart for the city. Siemens holds a net lease through January 2014 for the three-story, 160,016-sf office building and 73,767-sf, single-story research and development building.
The location and the tenant's name drove the decision to buy, Lexington's vice president Sam Salant said in a press release issued late yesterday. The New York City-based REIT marked its fifth acquisition or joint venture purchase this month with the Siemens property and its first in Dallas/Fort Worth in three years.
Siemens pitted Arlington against its neighbors for the headquarters project, but stayed with its 43-year hometown after landing some hefty tax abatements. In the past month, the company, boasting $200 million in annual sales, exited 550,000 sf at 2910 Avenue F for the ballpark complex, which will serve as a consolidation site for a 14-state network. Dallas-based Trammell Crow was the developer; Good Fulton & Farrell, also Dallas, the architect.
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