Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DALLAS-Another piece of the Downtown Dallas skyline is coming to market: the 828,000-sf KPMG Centre. The 34-story structure is owned by an affiliate of Stamford, CT-based GE Pension Trust.

Though interviews couldn’t be obtained by publication time, GlobeSt.com has learned that the class A building at 717 N. Harwood St. will soon be shown to investment circles. The GE affiliate bought the former Maxus Energy Tower in May 2003. Its 2005 assessment by Dallas County is $52.1 million or just a fraction of what it’s likely to bring from institutional investment circles.

The tower, built in 1980, was renovated in 1997 and tweaked again in March 2002 when KPMG LLP signed a 182,000-sf lease, sparking a name change and $25-million, seven-floor makeover. The high rise, leased and managed by Trammell Crow Co., has 116,275 sf of direct space available and some small sublease blocks, according to the North Texas Commercial Association of Realtors’ database. The building directory includes several law firms, JPMorgan Chase Bank and the US Department of Justice.

The market debut, being handled by TCC’s capital markets group, is just the latest in a string of listings as owners feed off the appetite of deep-pocketed investors looking to seize on the opportunities of a rebounding market. As a result, Dallas clearly is on track for another record-breaking sales year. By midyear, Dallas sellers had reaped $727 million from 21 office building sales. Unlike years past, the sales profile has changed; it’s mostly core assets, with higher occupancies, more space and higher prices per sf for the exchange.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.