{"id":1004560439,"date":"2021-12-10T03:55:24","date_gmt":"2021-12-10T11:55:24","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004560439"},"modified":"2022-12-08T17:47:40","modified_gmt":"2022-12-09T01:47:40","slug":"city-office-reit-pays-134m-for-dallas-building","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/city-office-reit-pays-134m-for-dallas-building\/","title":{"rendered":"City Office REIT Pays $134M for Dallas Building"},"content":{"rendered":"<div id=\"attachment_1004560441\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/12\/Terraces-e1639136404299.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004560441\" data-attachment-id=\"1004560441\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/city-office-reit-pays-134m-for-dallas-building\/terraces-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/12\/Terraces-e1639136404299.jpg\" data-orig-size=\"1000,750\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Terraces\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;The Terraces&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/12\/Terraces-e1639136404299.jpg?w=1000\" class=\"wp-image-1004560441 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/12\/Terraces-e1639136404299.jpg?w=300\" alt=\"\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/12\/Terraces-e1639136404299.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/12\/Terraces-e1639136404299.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/12\/Terraces-e1639136404299.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004560441\" class=\"wp-caption-text\">The Terraces<\/p><\/div>\n<p>After <a href=\"https:\/\/www.commercialsearch.com\/news\/city-office-reit-buys-150m-phoenix-asset\/\">spending $150 million on a 1.3 million-square-foot mixed-use asset<\/a> in downtown Phoenix, City Office REIT has acquired The Terraces in Dallas for $133.5 million, or $773 per square foot.<\/p>\n<p>A partnership between Lionstone Investments and PegasusAblon completed the 173,000-square-foot office property in 2017. According to CommercialEdge data, the sale marks the first time the property traded.<\/p>\n<p>Located at 5960 Berkshire Lane, just south of the Dallas North Tollway, the 12-story building is the newest in the Preston Center area and is less than 8 miles from downtown Dallas. The LEED Gold certified property was 99 percent leased at the time of sale with a weighted average remaining lease term of eight years. Common-area amenities include a new fitness center, conferencing facility, full-service deli and a barista, as well as two floors of private terraces.<\/p>\n<p>Office occupancy rates in the Preston Center area have surpassed those in Dallas-Fort Worth by roughly 9 percent in the past decade, according to City Office REIT information. The Metroplex has recorded <a href=\"https:\/\/www.commercialsearch.com\/news\/dallas-fort-worth-market-update-vacancy-on-right-track\/\">an improvement in vacancy<\/a> going into the last quarter of 2021, CommercialEdge data shows.<\/p>\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The property, which came online in 2017, traded for the first time. <\/p>\n","protected":false},"author":748,"featured_media":1004560441,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1586,21808,21783,21742,21747],"tags":[33789,33177],"class_list":["post-1004560439","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dallas","category-featured","category-investment","category-latest","category-office","tag-city-office-reit","tag-lionstone-investments"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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