More than 25 offers were on the table for the landmark property, developed between 1981 and 1983 by New York City-based MetLife Real Estate Investments and its Dallas partner, Lincoln Property Co. MetLife, which has held full ownership since 1993, last year pumped $6 million into renovating the office towers, which just two years ago were 60% leased. At sale time, the trio at 5400, 5420 and 5430 LBJ Freeway was 89% leased, with Atmos Energy filling 260,000 sf through 2017. TIAA-CREF is still interviewing brokerage houses for the leasing and management assignment. Lincoln Property Co., in charge for now, has made the short list, according to local contacts.
"In making significant updates to the property, we were able to lease over 850,000 sf since 2004, allowing us to capitalize on the aggressive buyer market we compete in today," Kurt Day, MetLife's regional director, says in a prepared statement. The CB Richard Ellis Inc. team of Russell Ingrum and Gary Carr started courting investment circles worldwide in early September. Should the new New York City owner want, there is ample land to add a fourth tower, an undertaking that MetLife considered through the years. Many local professionals have long anticipated additional development would be a residential-and-retail combo.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.