DALLAS-Brookwood Financial Partners, LLC, a leading real estate investment and asset management company has acquired Interchange Office Center, a three-story, multi-tenant class A office building located in Dallas.
“Interchange Office Center is a well located, Class A asset that is 88% occupied by tenants whose rents are currently 15% – 20% below today's market rents,” said Thomas Brown, Brookwood's director of acquisitions. “There has been significant population and job growth in the Dallas area that has led to strong levels of market absorption, which when coupled with the overall lack of new construction, has resulted in both a decline in vacancy rates for class A office space and upward pressure on rental rates along the North Dallas Parkway.
“Our objective is to achieve higher rental rates as leases renew at the property and to lease-up the remaining vacant space at these higher rates,” Brown added.
Interchange Office Center, which has 150,596 square feet of space, was constructed in 1997 and is situated approximately 16 miles north of downtown Dallas at the intersection of the Dallas North Tollway and the George Bush Turnpike.
According to CB Richard Ellis, net absorption in the Dallas market has been positive for eight of the last 12 quarters.
The seller was represented by Michael McDonald and Kennedy Hicks at Eastdil Secured. Brookwood was self-represented in the transaction.
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