Larson Capital Management has acquired Custer Court, a Class A office property totaling 121,596 square feet in Richardson, Texas. Newmark worked on behalf of the seller, Origin Investments, and secured acquisition financing for the buyer.
BrightSpire Capital provided a $16.9 million loan for Larson Capital Management, Collin County records show. Custer Court last traded in 2015, when Origin purchased the multi-tenant property from EQ Office.
Located on 7.6 acres at 501 W. President George Bush Highway, the three-story office building has 42,000-square-foot floorplates and a parking ratio of 5 spaces per 1,000 square feet. The tenant roster includes MedeAnalytics, Keller Williams Realty and Sedgwick, among others, CommercialEdge data shows.
Custer Court is less than 20 miles north of downtown Dallas. The office low-rise is 25 miles from Dallas/Fort Worth International Airport and within 3 miles of CityLine, KDC’s 204-acre transit-oriented development, where to company announced plans for three additional office towers.
As of September, office vacancy across the Metroplex decreased to 18.2 percent, a 70-basis-point drop month-over-month, but still well above the U.S. average of 14.9 percent. Despite elevated vacancies, the Dallas-Fort Worth metro’s pipeline included more than 5 million square feet of office properties underway, according to CommercialEdge data.