The buyout of the nine-story tower and three-story garden-styleoffice complex at 9001 and 9003 Airport Freeway in North RichlandHills will allow the Gaedeke Group to construct a third officetower on the site, a company official tells GlobeSt.com.

Glenn Lickstein, Gaedeke's chief financial officer, says thefirm has spoken to architects about developing a 240,000-sf officebuilding on the site but is awaiting a solid commitment from ananchor tenant before moving forward with the plan.

The property, along with an adjoining parcel of land, wasacquired in September 1994 by Richland Centre Associates, LP, theinvestment partnership between Gaedeke Group and Blue Capital, aninternational investment group, Lickstein says. When the jointventure agreement expired, Gaedeke bought out its partner's 50%interest in the two-building corporate center and the adjoiningacreage, he says.