Friday 28 February 2020
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Texas A&M - 15 days ago

Dallas’ Galleria Office Towers sell for $400M

​​​​​​DALLAS – Piedmont Office Realty Trust Inc. is buying the three Galleria Office Towers at LBJ Fwy. and Noel Rd. for $400 million.
Built in the 1980s and 90s, the high-rises were last sold in 2015 to CBRE Global Investors for over $300 million. CBRE spent almost $27 million to update the buildings.
The 1.4 million-sf towers are almost 90 percent leased to major tenants including Amazon.
Piedmont is funding the purchase with a $500 million line of credit and proceeds from the sale of a Philadelphia property. The sale is scheduled to close this quarter, according to filings with the Securities and Exchange Commission.​
JLL marketed the buildings for sale.​
The Real Estate Center has more on DFW s office market #58;Dallas-area office news​​​Texas Quarterly Commercial Report​Source #58; Dallas Morning News​

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