{"id":1004687130,"date":"2023-10-25T02:39:08","date_gmt":"2023-10-25T10:39:08","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004687130"},"modified":"2023-10-25T04:30:48","modified_gmt":"2023-10-25T12:30:48","slug":"m-m-properties-sells-1-2-msf-office-building-in-dallas","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/m-m-properties-sells-1-2-msf-office-building-in-dallas\/","title":{"rendered":"Shelbourne Buys 1.2 MSF Dallas Office Property"},"content":{"rendered":"
\"Plaza<\/a>

Plaza of the Americas underwent $26 million in renovations over the past decade. Image courtesy of Newmark<\/em><\/p><\/div>\n

M-M Properties <\/strong>has sold Plaza of The Americas, an office asset spanning 1.2 million square feet in downtown Dallas. New York-based Shelbourne Global Solutions<\/strong> acquired the property, The Dallas Morning News <\/em>reported. Newmark <\/strong>brokered the deal on behalf of the seller and arranged the acquisition financing.<\/p>\n

Completed in 1980, Plaza of the Americas comprises two 25-story towers connected via a glass atrium. It features 23,850-square-foot floorplates and includes 120,000 square feet of retail space, along with an eight-story parking garage. M-M Properties had acquired it in 2011, CommercialEdge data shows.<\/p>\n

Over the past decade, the property underwent $26 million in renovations and the new ownership plans to implement further improvements starting later this year. Tenants include Saville, Westmount Realty Capital and Defense Contract Management Agency, according to CommercialEdge data, as well as Federal Deposit Insurance which has recently signed a lease for 163,005 square feet.<\/p>\n

Located at 600 and 700 Pearl St., the towers are in downtown Dallas\u2019 Arts District, within walking distance of the Dallas Museum of Art and numerous other entertainment options. The property is close to Interstate 345 and some 6 miles from Dallas Love Field Airport.<\/p>\n

Moderate activity in Dallas’ office market<\/h2>\n

Newmark Vice Chairmen Chris Murphy, Robert Hill and Gary Carr facilitated the transaction on behalf of the seller and arranged the financing. In prepared remarks, Murphy mentioned that this was the largest office sale in Dallas this year so far. Recently, the same team brokered the sale of a historic building<\/a> in the city\u2019s downtown.<\/p>\n

Year-to-date through September, Dallas-Fort Worth registered $628 million in transaction volume, at an average price per square foot of $185, a recent CommercialEdge report<\/a> shows. The vacancy rate was up 20 basis points year-over-year, to 19 percent as of September\u2014the only southern market besides Atlanta to record a higher vacancy than the 17.8 percent national figure, according to the same source.<\/p>\n","protected":false},"excerpt":{"rendered":"

M-M Properties sold the asset after nearly 12 years of ownership.<\/p>\n","protected":false},"author":3120,"featured_media":1004687133,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1586,21783,21742,21747,51973],"tags":[34715,50999,33634],"class_list":["post-1004687130","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dallas","category-investment","category-latest","category-office","category-southwest","tag-m-m-properties","tag-newmark","tag-shelbourne-global-solutions"],"acf":[],"yoast_head":"\nShelbourne Buys 1.2 MSF Dallas Office Property - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"M-M Properties has sold Plaza of The Americas, an office asset spanning 1.2 million square feet in downtown Dallas.\" \/>\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\/m-m-properties-sells-1-2-msf-office-building-in-dallas\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Shelbourne Buys 1.2 MSF Dallas Office Property\" \/>\n<meta property=\"og:description\" content=\"M-M Properties has sold Plaza of The Americas, an office asset spanning 1.2 million square feet in downtown Dallas.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/m-m-properties-sells-1-2-msf-office-building-in-dallas\/\" \/>\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=\"2023-10-25T10:39:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-25T12:30:48+00:00\" \/>\n<meta name=\"author\" content=\"Radu Corfus\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/Plaza-of-the-Americas-e1698223784282.jpg\" \/>\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\/m-m-properties-sells-1-2-msf-office-building-in-dallas\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/m-m-properties-sells-1-2-msf-office-building-in-dallas\/\",\"name\":\"Shelbourne Buys 1.2 MSF Dallas Office Property - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/m-m-properties-sells-1-2-msf-office-building-in-dallas\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/m-m-properties-sells-1-2-msf-office-building-in-dallas\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/Plaza-of-the-Americas-e1698223784282.jpg\",\"datePublished\":\"2023-10-25T10:39:08+00:00\",\"dateModified\":\"2023-10-25T12:30:48+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/a04f9fc8d7ed936167c8786eb77e39c2\"},\"description\":\"M-M Properties has sold Plaza of The Americas, an office asset spanning 1.2 million square feet in downtown Dallas.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/m-m-properties-sells-1-2-msf-office-building-in-dallas\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/m-m-properties-sells-1-2-msf-office-building-in-dallas\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/m-m-properties-sells-1-2-msf-office-building-in-dallas\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/Plaza-of-the-Americas-e1698223784282.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/Plaza-of-the-Americas-e1698223784282.jpg\",\"width\":6650,\"height\":4987,\"caption\":\"Plaza of the Americas underwent $26 million in renovations over the past decade. 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