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RICHARDSON, TX-Principal Life Insurance Co. has acquired the 120,000-sf Richardson Office Center II in Richardson’s ever-popular Telecom Corridor. It marks the second Dallas-area buy for a client and it’s not going to be the last, says Principal Capital Real Estate Investors of Des Moines.

The Des Moines investment team has secured the class A building on the insurance company’s behalf. No one’s talking price, but the fully leased status and positioning in one of the most highly sought high-tech addresses make it a premier buy. The seller of record is Cardinal Shilo 190 II Inc., a Texas corporation.

“It was a good match for the client,” Mark Hanrahan, a principal in Principal Capital Real Estate, tells GlobeSt.com. It’s the second match that the Des Moines investment company has made in recent weeks, closing on the 449-unit Phoenix in Dallas’ Midtown. “Long term, we think the growth prospects are good in Dallas,” says Hanrahan. He’s not pinpointing a closing date, but does say that three or four more properties, primarily multifamily projects, are being eyed for acquisitions.

The Richardson Office Center II went to the highest bidder and did not carry an asking price, says Hanrahan. He is uncertain how many buyers had their names in the hat for the holding, located on nine acres at 3001 State Highway 190 near FM 1201 E. Myers & Crow Co. Ltd. constructed the building in 1999, a sister to Richardson Office Center I that was sold in fall 2000.

Richardson Office Center II carries a high-tech tenant roster. Hanrahan says it is fully leased for the next four to five years. CB Richard Ellis brokered the transaction, which marks Principal Capital Real Estate Investors’ first acquisition in the Telecom Corridor although three years ago it developed the nearby Plano Crossing, a 220,000-sf flex project.

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