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DALLAS-Banking on pending new development along the North Central Expressway, Prescott Realty Group has purchased the 18-story, 464,269-sf Walnut Glen Tower, its first class A office acquisition in four years.

The locally based mixed-use investment and development firm paid Radnor, PA-based Brandywine Realty Trust an estimated $71.46 million or about $153 per sf for the 21-year-old property at 8144 Walnut Hill Lane. Prescott president Jud Pankey couldn’t be reached by GlobeSt.com’s publication deadline to learn the contract price. However, in a prepared statement Brandywine president and CEO Jerry Sweeney said Walnut Glen Tower and the 173,000-sf Bala Pointe office building in Bala Cynwyd, PA were under contract for a total price of about $98.1 million.

That number equates to about $153.94 per sf for the total 637,269 sf in the two buildings. The Bala Pointe building’s price is estimated at $26.63 million. That deal is still pending, according to area brokers familiar with the property.

For Prescott, the acquisition of Walnut Glen Tower at this time dovetails with its redevelopment plans on owned property near the Mockingbird rail stop, brokers familiar with firm’s portfolio tell GlobeSt.com. Prescott also owns the nearby 6060 North Central office complex. Walnut Glen tower is just west of DART’s Walnut Hill light rail station.

For Brandywine, the disposition of Walnut Glen Tower brings its gross sales of Dallas-area properties since January to $256 million, according to the REIT. Brandywine acquired Dallas-based Prentiss Properties Trust’s entire portfolio in Texas, California and Washington, DC in January for $3.3 billion, as GlobeSt.com previously reported. That acquisition made Brandywine one of the top five office landlords in the US, the company said at the time.

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