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11/13/15
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Tollway Plaza, a 370k sf office campus in Dallas, TX, was acquired by Buchanan Street Partners. The asset, located at 15950 and 16000 North Dallas Pkwy, represents Buchanan Street’s third purchase in the Greater Dallas area this year.
Tollway Plaza is a LEED-certified property that consists of two, eight-story buildings. Onsite amenities include a modern fitness center, a large high-tech conference facility and café. Buchanan Street plans moderate upgrades to campus lobbies, elevators and restrooms to match the contemporary design of the property exteriors.
Tollway Plaza was 95 percent leased at the time of the sale. Tenants include Travis Wolff, LLP, Axxess Technology Solutions, HQ Global and Stewart Title.
Tollway Plaza is centrally located in the Dallas North Tollway submarket, an area poised for both job and rent growth. The property is situated along the Dallas North Tollway and benefits from immediate access to highway on- and off-ramps. It also is nearby the I-635 freeway and SR-190, and is within 20 minutes from Dallas/Fort Worth International Airport.
HFF’s Dallas Investment Sales team represented the unnamed seller in the deal. Buchanan Street Partners repped itself. The price was not disclosed. Shannon Brown and Kenzie Killgore of CBRE have been awarded leasing responsibilities for Tollway Plaza.
“We are actively buying all types of office product in the Dallas region,” said Matt Haugen, assistant vice president at Buchanan Street Partners. “Given the sustainable job growth in the region and lack of available development pads, we anticipate an increase in rents in the area over the next few years as vacancies tighten.”
The company also recently purchased Richardson Office Center in Far North Dallas, a property that is anticipated to benefit from strong positive absorption in the submarket. In the first quarter of 2015, Buchanan Street acquired Granite Tower in Dallas, a property that is positioned for growth upon completion of the adjacent LBJ Freeway improvement project.
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