{"id":1004525807,"date":"2021-03-29T04:06:27","date_gmt":"2021-03-29T12:06:27","guid":{"rendered":"http:\/\/internal.cpexecutive.com\/?p=1004517886"},"modified":"2022-04-19T00:59:23","modified_gmt":"2022-04-19T08:59:23","slug":"dallas-fort-work-market-update-office-sales-drop-in-february","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/dallas-fort-work-market-update-office-sales-drop-in-february\/","title":{"rendered":"Dallas-Fort Worth Market Update: Office Sales Drop in February"},"content":{"rendered":"

\"Standard<\/a><\/p>\n

Some 290,000 square feet of office space traded in Dallas-Fort Worth in February, CommercialEdge data shows. This marked a significant drop in investment volume year-over-year, as the metro had recorded 2.7 million square feet of sales in February 2020. This change is also noteworthy compared to January\u2019s 3 million square feet traded.<\/p>\n

Last month, four properties changed hands in the Metroplex. Pillar Commercial acquired One Bethany East, a 120,170-square-foot building in Allen, from Kaizen Development Partners. According to CommercialEdge, the deal was financed with a $25.3 million loan from Metropolitan Life Insurance Co. In another transaction, Brilliant Stone Enterprises purchased Westgrove Plaza, a 49,387-square-foot asset in Addison, from a private investor.<\/p>\n

In January 2021, eight properties had changed hands within the metro. In the largest transaction, Square Mile Capital Management acquired Renaissance Tower, a 1.7 million-square-foot, downtown high-rise, from The Moinian Group. Bank OZK secured $84.4 million in financing for the deal.<\/p>\n

While the year-over-year performance drop in the market can be correlated with the current pandemic, the noteworthy disparity in activity from January can be an effect of the recent snow storm<\/a> which caused significant disruption in the metro. According to CommercialEdge, the average sale price per square foot clocked in at $235 in February, just below the $257 national average.<\/p>\n

CommercialEdge covers 8M+ property records in the United States. View the latest CommercialEdge national monthly office report here<\/a>. We included properties of 25,000+ square feet in our research.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

After recording 3 million square feet of transactions in January, the Metroplex recorded a noteworthy drop in February, to just 170,000 square feet.<\/p>\n","protected":false},"author":868,"featured_media":1004527757,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1586,21743,21742,21747],"tags":[51047,50674],"class_list":["post-1004525807","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dallas","category-deals","category-latest","category-office","tag-marketupdate","tag-commercialedge"],"acf":[],"yoast_head":"\nDallas-Fort Worth Market Update: Office Sales Drop in February - 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\/dallas-fort-work-market-update-office-sales-drop-in-february\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dallas-Fort Worth Market Update: Office Sales Drop in February\" \/>\n<meta property=\"og:description\" content=\"After recording 3 million square feet of transactions in January, the Metroplex recorded a noteworthy drop in February, to just 170,000 square feet.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/dallas-fort-work-market-update-office-sales-drop-in-february\/\" \/>\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=\"2021-03-29T12:06:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-04-19T08:59:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Market-Update-800x620-7.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=\"Sergiu Inizian\" \/>\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\/dallas-fort-work-market-update-office-sales-drop-in-february\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/dallas-fort-work-market-update-office-sales-drop-in-february\/\",\"name\":\"Dallas-Fort Worth Market Update: Office Sales Drop in February - 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