{"id":1004392673,"date":"2020-02-19T04:00:29","date_gmt":"2020-02-19T12:00:29","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004392673"},"modified":"2020-02-19T04:00:29","modified_gmt":"2020-02-19T12:00:29","slug":"red-development-sells-majority-interest-in-dallas-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/red-development-sells-majority-interest-in-dallas-tower\/","title":{"rendered":"RED Development Sells Majority Interest in Dallas Tower"},"content":{"rendered":"
\"The<\/a>

The Union Dallas. Image courtesy of JLL<\/em><\/p><\/div>\n

JLL Capital Markets pulls double-duty at The Union Dallas mixed-use destination in Dallas, landing a buyer for the property’s 505,000-square-foot office and retail components on behalf of RED Development, and orchestrating acquisition financing for the new owner, Seoul-based KB Asset Management. According to the Dallas Morning News<\/a><\/em>, KB Asset purchased the property for $370 million, with the assistance of $222 million in financing.<\/p>\n

RED broke ground on the $350 million The Union, located at 2300 N. Field St. in Dallas’ coveted Uptown submarket, in 2016. The approximately 866,000-square-foot mixed-use property consists of a 22-story tower encompassing 87,000 square feet of ground-level retail offerings and 418,000 square feet of premier office space atop a multi-level parking facility, as well as a 31-story, 309-unit luxury residential high-rise, which was not included in the transaction.<\/p>\n

RED completed development of the HKS-designed office and retail segments at The Union in 2018 and today the space is more than 94 percent leased. Office tenants include Salesforce, law firm Akin Gump Strauss Hauer & Feld LLP and accounting firm Weaver. Global conglomerate Koch Industries, a capital partner in the development of the office project, also occupies space in the building, having signed a 5,100-square-foot lease<\/a> in 2019. Grocer Tom Thumb anchors the retail component, with a 60,000-square-foot space. The building also features a greenspace amenity deck, conference center and fitness facility.<\/p>\n

The closing of The Union disposition comes several months after HFF facilitated the sale agreement, which came together prior to JLL’s July 2019 acquisition of HFF<\/a>. HC2 Capital advised KB Asset on the transaction, while JLL placed the buyer’s five-year, fixed-rate acquisition loan with Goldman Sachs. For its part, RED will remain in the picture at The Union, retaining a minority interest in the property and maintaining management and leasing responsibilities.<\/p>\n

Big-ticket deals<\/h2>\n

The hefty price tag attached to The Union office\/retail asset amounts to roughly $730 per square foot, a figure that the Dallas Morning News<\/em> describes as a record for the city’s office sector. Industry experts saw it coming. “Investor interest in Dallas is strong\u2014the sale of 1900 Pearl<\/a> posted a new record price of $700 per square foot and other record-breaking sales are on the horizon,”<\/em> JLL noted in a fourth-quarter 2019 report.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company sold the 505,000-square-foot office and retail components of its mixed-use asset in the Uptown submarket.<\/p>\n","protected":false},"author":969,"featured_media":1004392700,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1586,21743,21808,21742,21747,21749],"tags":[33435,34927,32796,44177],"class_list":["post-1004392673","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dallas","category-deals","category-featured","category-latest","category-office","category-retail","tag-goldman-sachs","tag-hks","tag-jll","tag-red-development"],"acf":[],"yoast_head":"\nRED Development Sells Majority Interest in Dallas Tower - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/red-development-sells-majority-interest-in-dallas-tower\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RED Development Sells Majority Interest in Dallas Tower\" \/>\n<meta property=\"og:description\" content=\"The company sold the 505,000-square-foot office and retail components of its mixed-use asset in the Uptown submarket.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/red-development-sells-majority-interest-in-dallas-tower\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-02-19T12:00:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/02\/The-Union-Dallas.-Image-courtesy-of-JLL.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/red-development-sells-majority-interest-in-dallas-tower\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/red-development-sells-majority-interest-in-dallas-tower\/\",\"name\":\"RED Development Sells Majority Interest in Dallas Tower - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/red-development-sells-majority-interest-in-dallas-tower\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/red-development-sells-majority-interest-in-dallas-tower\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/02\/The-Union-Dallas.-Image-courtesy-of-JLL.jpg\",\"datePublished\":\"2020-02-19T12:00:29+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/red-development-sells-majority-interest-in-dallas-tower\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/red-development-sells-majority-interest-in-dallas-tower\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/red-development-sells-majority-interest-in-dallas-tower\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/02\/The-Union-Dallas.-Image-courtesy-of-JLL.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/02\/The-Union-Dallas.-Image-courtesy-of-JLL.jpg\",\"width\":800,\"height\":620,\"caption\":\"The Union Dallas. 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