Spear Street Capital Acquires 800,000-SF Portfolio in Richardson

By Liviu Oltean, Associate Editor

Aerial view of the Galatyn Park

HFF recently announced that it helped close the sale of four Class A office properties in Galatyn Park in Richardson for an undisclosed amount. Totaling 800,000 square feet, the office buildings represent one of the largest blocks of Class A office space in the Dallas-Fort Worth area. They were acquired by Spear Street Capital.

HFF represented the sellers, Champion Partners and Long Wharf Real Estate Partners. Located within the 80-acre, mixed-use Galatyn Park, the four office properties neighbor:

• The 12-story Renaissance Hotel – comprising 336 rooms and 42 suites, 30,000 square feet of meeting space and a 12,000-square-foot ballroom.
• The Eisemann Performing Arts Center – 1,550-seat performance hall, 350-seat theater and 3,150-square-foot multi-use facility.
• The Venue – a multi-housing development that includes 285 units with more than 6,800 square feet of retail.
• The BlueCross Blue Shield headquarters – about 1 million square feet across 34 acres.
• Woodland Preserve – an eight-acre nature preserve donated by the Galatyn Park Corp. in 2001 and featuring multi-use trails, picnic areas and a boardwalk for bird-watching.

The office park, which was developed throughout more than 10 years, is served by a DART light-rail station. The DART links the park with downtown Dallas, the surrounding suburbs and Dallas-Fort Worth International Airport. Currently, the office complex has approximately 600,000 square feet of leasable space, due to the recent State Farm and Bank of America relocations.