By Scott Baltic
A joint venture of PRP LLC, of Washington, D.C., and AXA Investment Managers – Real Assets has acquired a four-story, 264,000-square-foot Class A office building in Plano, Texas. The LEED-certified property is fully leased to FedEx Corp. as the global headquarters of FedEx Office and Print Services.
The sale price was $79.65 million, a PRP spokesperson told Commercial Property Executive.
Completed in 2015 as a build-to-suit for FedEx Office and Print Services, the building is located at 7900 Legacy Drive in Legacy West, a 250-acre mixed-use development encompassing 5 million square feet of office space, more than 470 hotel rooms, and 300,000 square feet of high-end shopping, along with restaurants and other retail. The building’s amenities include a fitness center and sports court, conference center, upscale kitchen and dining facilities, and a mock store on the ground floor.
Part of a much larger whole
Legacy West offers “an enticing amenity package to its visitors and workforce and has attracted some of the world’s largest and most successful corporations to its tenancy,” PRP President Paul Dougherty said in a prepared statement. “Part of the draw is the central location. Legacy West is situated 23 miles north of Dallas’ Central Business District and 20 miles from Dallas Fort-Worth International Airport, making it a desirable option for both domestic and international corporations.”
The seller was KDC Real Estate Developments & Investments, of Dallas, on whose behalf the transaction was arranged by Vice Chairman Gary Carr, John Alvarado, Eric Mackey, Evan Stone, Jared Chua and Robert Hill of CBRE. “This offering presented investors with an exceptional opportunity to acquire a recently constructed, state-of-the-art office asset with a stable income stream backed by the long-term commitment of a quality, investment-grade tenant,” Carr said in CBRE’s prepared statement. “Investors were motivated by the opportunity to establish a significant presence within Legacy, one of DFW’s hottest submarkets.”
KDC and partners The Karahan Cos. and Columbus Realty comprise Team Legacy, which was chosen by J.C. Penney to develop the acreage surrounding its corporate headquarters into Legacy West.
Earlier this year, developer Gaedeke Group LLC hooked NTT Data International LLC to take 41 percent of the space and become the name tenant at Gaedeke’s 14-story, 307,800-square-foot One Legacy West office tower, adjacent to the FedEx Office headquarters.
Photo courtesy of PRP, CBRE