A 257K SF office building in Dallas has sold to a financial institution that plans to use the 10-story tower as its headquarters.
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Piedmont Office Realty Trust sold One Lincoln Park at 8401 N. Central Expressway to Triumph Financial for $54M, or $210 per SF, according to a news release. The proceeds from the sale were used to pay down about $50M in maturing debt on the property.
“We are pleased to harvest the value in a high-quality asset through the disposition of One Lincoln Park to an all-cash buyer,” Piedmont President and CEO Brent Smith said in a statement, adding that the firm would be retained as property manager.
The building is 59% occupied. Triumph will initially house 500 employees in the remaining space before absorbing more of the building as leases roll.
“Our evolution from a small community bank to a leading financial technology company has been a transformative journey,” Triumph Financial Vice Chairman and CEO Aaron Graft told The Dallas Morning News.
“The city of Dallas’ business-friendly culture together with the area’s growing, talented workforce have been a real part of our success.”
The company’s workforce of more than 1,500 employees is primarily based in Dallas-Fort Worth. It expects to relocate from its current Dallas HQ near Interstate 635 and North Central Expressway in 2026.
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