NORTH RICHLAND HILLS,TX-The Gaedeke Group has paid $6.5 million to buy out its investment partner’s stake in the Richland Corporate Centre. This gives the Dallas-based company full control of the 139,175-sf office property it had jointly owned with Blue Capital for more than 10 years.

The buyout of the nine-story tower and three-story garden-style office complex at 9001 and 9003 Airport Freeway in North Richland Hills will allow the Gaedeke Group to construct a third office tower on the site, a company official tells

Glenn Lickstein, Gaedeke’s chief financial officer, says the firm has spoken to architects about developing a 240,000-sf office building on the site but is awaiting a solid commitment from an anchor tenant before moving forward with the plan.

The property, along with an adjoining parcel of land, was acquired in September 1994 by Richland Centre Associates, LP, the investment partnership between Gaedeke Group and Blue Capital, an international investment group, Lickstein says. When the joint venture agreement expired, Gaedeke bought out its partner’s 50% interest in the two-building corporate center and the adjoining acreage, he says.

The buildings, connected by a three-level, above-grade parking garage, are more than 80% occupied by tenants that include Nationwide Mutual Insurance, Liggett Group, LLC, and Cypress Software Systems, LP. The class A property, which rents for between $15 per sf to $15.50 per sf for the garden-style office property and $16 per sf to $17 per sf for the office tower, will continue to be managed by the Gaedeke Group under the ownership entity of Gaedeke Holdings II, Ltd.

The Gaedeke Group currently owns or manages a four-million-sf office portfolio in 11 US markets including Arizona, Florida, Tennessee, Texas and the District of Columbia.

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?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

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

  • Free unlimited access to'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 and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.