Big D Office Tower Attracts JV Buyer

By Laura Calugar

The 8080 North Central Tower in Dallas

Dallas—A joint venture of Foundry Commercial and Boston-based Intercontinental Real Estate Corp., has acquired 8080 North Central Tower, a 17-story Class A building in Dallas. The acquisition brings Foundry Commercial’s footprint in Dallas to 1.3 million square feet.

Formerly known as Eighty Eighty Central, 8080 North Central Tower is located on North Central Expressway at Caruth Haven on a 1.7-acre site. According to Yardi Matrix data, the building has 1,007 parking spaces in a 12-level garage. Amenities include proximity to the Preston Hollow and Park Cities neighborhoods, retail and restaurants on Greenville Avenue and on-site retail options. Currently, the property is 96 percent occupied.

“Our goal in purchasing high-quality assets like 8080 is to provide a service and amenities to Dallas workers with truly remarkable products. We are excited to close the year with another beneficial purchase and are equally as excited at the prospects for continual growth in the area. It is no secret in the industry that the Dallas office market and the North Central Expressway Submarket is on a considerable upswing,” said Jimmy Grisham, managing director and principal of development and investment at Foundry Commercial, in prepared remarks. Terms of the sale were not disclosed.

The property is Foundry Commercial’s third Dallas office purchase of the year, following Walnut Glen Tower in September and Campbell Creek Office Park in June. The company made its Dallas debut in 2015, when it purchased a 232,000-square-foot building that would become GEICO’s corporate headquarters.

Image courtesy of Yardi Matrix