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1/31/24
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Goldenrod Companies and Reserve Capital Partners acquired Collins Crossings, a 300.9k sf office building located along North Central Expressway in Richardson, TX. The price was not disclosed.
Collins Crossing is an 11-story, Class A office tower in the heart of Richardson’s Innovation Quarter, a premier hub for tech innovation and entrepreneurship. The property was 85% leased at the time of sale to credit-worthy tenants in resilient, high-growth industries including healthcare, semiconductors and software.
The building features highly efficient floor plates, modern finishes throughout, a full suite of first-class amenities including an on-site deli, tenant conference center and a fully equipped fitness center, as well as abundant structured parking. In addition to the office building and parking structure, the offering included an adjacent 3.6-acre land parcel on which ownership plans to build a mixed-use development.
Gary Carr, Robert Hill and Chris Murphy with Newmark represented the seller, Franklin Street Properties, in the sale.
Dallas-Fort Worth office-using employment continues to remain at a historical high as of the end of November 2023. The metroplex reported 1.31 mil office workers, an increase of 69.2% compared to 2010 and an increase of 22.7% compared to 2019 employment levels, according to Newmark Research. The continued strength and growth in the market’s office employment reflect an enduring appetite for office assets. The Dallas-Fort Worth office market’s long-term outlook remains positive and competitive given the market’s strong economic fundamentals, such as a diversified labor pool and continued office-using jobs growth.
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