Breaking News: Quorum Sells in Under a Month
The 87k SF Quorum in Addison sold in just 30 days, Bisnow learned first. It’s another example of the hot office market where capital is aggressively searching for deals.
Colliers International SVP Creighton Stark (with wife Natalie and daughter Isabella) brokered the deal for the 79% occupied tower at 14850 Quorum Dr in Addison, which was purchased by Libitzky Property Cos and will be leased and managed by Sunwest Real Estate Group. The seller was Trigate Capital. Creighton tells us Trigate bought the property about six years ago, executed its business plan and was ready to sell. The Quorum/Bent Tree submarket is exceeding market expectations. It’s positioned well between the George Bush and I-635 along the North Dallas Tollway, which allows it to benefit from compression at both ends, driving up rental rates and occupancy along this corridor.
Owners are at an opportune time for disposition, Creighton says. Couple that with the investors searching for opportunities and it makes for the perfect formula for a successful buyer/seller marriage, he tells us. Creighton expects transaction volume to hover around the same mark as last year, if not just a few more. Creighton and his wife are expecting a new baby any time now (due date: May 20). He’s anticipating Richard Creighton Stark IV, aka Ryker, to join big sis.