FM Makes Texas Debut With Dallas Office Buy

July 23, 2026

Investment Dallas News Office More Southwest

The facility is part of a $2 billion campus anchored by the Dallas Cowboys.

FM Investments’ Hobbs Brook Real Estate has entered Texas with the acquisition of The Star at 17 Cowboys Way, a 313,417-square-foot office asset in the Dallas submarket of Frisco, Texas. Newmark advised on the purchase. Dallas Cowboys’ real estate arm, Blue Star Land, sold the 2023-completed building, Yardi Matrix shows.

The 11-story workplace property comprises amenities such as a gym, conference facilities and outdoor gathering spaces, among other features. The Star at 17 Cowboys Way was 98 percent leased at the time of sale, having a tenant roster including Fifth Third Bank, Cain Watters & Associates, McAffe and Baker Tilly US.

The facility is part of The Star, a $2 billion mixed-use property anchored by the Dallas Cowboys. The NFL giants tapped Lincoln Property Co. to develop, manage and lease the master-planned development, which currently includes more than 1.5 million square feet of office and 225,000 square feet of retail spaces.

Spanning 91 acres, The Star is less than 2 miles from the interchange between the Sam Rayburn and Dallas North tollways. Frisco’s emergence as the place where businesses are moving to is underlined by TIAA’s new, 2024-completed, 500,000-square-foot tower also at The Star. Across the street, T-Mobile leases a different 200,000-square-foot property.

Dallas retains office investment appetite

The Metroplex registered more than $2.6 billion in office sales during the first half of 2026, according to a Yardi Matrix report. Dallas surpassed San Francisco ($2.4 billion) but was second to Manhattan ($4.3 billion).

Pricing remained competitive with assets selling for $218 per square foot across Dallas-Fort Worth, marking an 11.6 percent premium compared to the national average of $195.3 per square foot.

Among the high-profile deals that closed this year is Tollway Plaza’s divestment. Buchanan Street Partners sold the 376,259-square-foot asset to a joint venture led by Tourmaline Capital Partners. Apollo provided an $80.3 million acquisition loan.