DFW Office Tower Changes Hands
The new ownership group will invest $20 million to renovate the property.
A joint venture of Dominus Commercial Inc. and Convergent Capital Partners has acquired 600 Las Colinas, a 512,269-square-foot office building in Irving, Texas. According to CommercialEdge information, the previous owner was Pillar Income Asset Management in partnership with Transcontinental Realty Investors Inc. The Class A property last traded in 2005.
The 22-story building rises on nearly 5 acres at 600 E. Las Colinas Blvd., about 11 miles northwest of downtown Dallas. Completed in 1982, the property features floorplates ranging from 22,000 to 23,000 square feet and a five-level, attached parking garage. On-site amenities include a fitness center, conference room and deli, among others. The office tower was 77 percent leased at the time of sale to a diverse mix of tenants, including JPI Cos., which is headquartered at the property, Athos Group and FleetPride.
Stephen LaMure, president & CEO of Dominus Commercial, said in prepared remarks that the new ownership group will invest some $20 million to renovate the property. Upgrades will include a new HVAC and filtration system and a new full-service fitness center, as well as a restaurant, tenant lounge and conference center, along with other common-area improvements.
Newmark Vice Chairmen Gary Carr, Robert Hill, Chris Murphy and John Alvarado, together with Director Chase Tagen, assisted the seller in the deal. The brokerage team was also involved in the recent sale of a 210,424-square-foot office building located in the 242-acre, $1.8 billion Frisco Station.
A flurry of DFW office sales
Investors’ interest in office properties across Dallas-Fort Worth seems to be growing, as the metro is on its way to recovery from the damaging effects of the COVID-19 pandemic. According to CommercialEdge data, more than 14.6 million square feet of office space have traded across the metro since the beginning of the year.
Of the 11 properties that changed hands in August, 600 Las Colinas was the largest. Next in size were two Dallas properties: the 351,240-square-foot International Plaza I, acquired by Related Cos. from Taconic Capital, and the 300,000-square-foot 10000 NCX, purchased by investor Ray Washburne from Westdale Real Estate Investment and Management.