Investor Snaps Up Fully Leased 250K SF Office Building Along Dallas North Tollway
A 3-year-old, nearly 250K SF office building in a bustling area minutes from Galleria Dallas Mall and Addison’s Restaurant Row has been sold, reflecting an appetite for office properties along the Dallas North Tollway.
Fourteen555, a six-story Class-A office property at 14555 North Dallas Parkway near the Dallas North Tollway and LBJ Freeway, was acquired by an unnamed capital investor for an undisclosed price, commercial real estate advisory firm Newmark announced Monday. The property is 100% leased, with tenants, including the headquarters of Occidental Chemical Corp., holding an average 11 years of remaining lease term.
“This sale reflects the incredible demand we are seeing for newer vintage assets in high-growth submarkets across the state of Texas,” Newmark Vice Chairman Robert Hill said in a release. “Given the 11 years of [weighted average lease term] and roster of credit-quality tenants, Fourteen555 drew interest from a wide variety of institutional capital ultimately resulting in another example of strong investment in Dallas.”
The 250K SF building, one of two similarly sized facilities in the Fourteen5 office park being marketed on LoopNet, offers high-end office space with large floor plates, a conference center and covered access to structured parking in addition to a separate three-story amenity building with café and terrace, a fitness center, a rooftop lounge and event space.
Hill and fellow Vice Chairman Chris Murphy represented the seller with Gary Carr, John Alvarado and Director Chase Tagen. Vice Chairman David Milestone, Senior Managing Director Brett Green and Director Josh Francis represented the buyer in sourcing financing.
A number of office properties have changed hands along the Dallas North Tollway in recent months, including the nearby 13-story International Plaza I, which was acquired by New York-based Related Cos. last month. Also in August, MetLife picked up the newly completed Offices Two at Frisco Station project.
Fourteen555 and partner building Fourteen545 were developed by Dallas-based Cawley Partners CEO Bill Cawley, who was also behind The Legacy and Tollway Center projects that were acquired by Admiral Capital Group of New York the year after they were completed in 2018. Admiral Capital swiftly entered into a sale-leaseback with Woodbranch Investments Corp., with Admiral continuing to own and operate the building on a 99-year lease.
Fourteen555 is surrounded by ongoing and planned mixed-use redevelopment and is situated within 20 minutes of Dallas/Fort Worth International Airport and Dallas Love Field.
CORRECTION, SEPT. 14, 12:35 P.M. ET: A domestic investor purchased Fourteen555. The headline and story have been updated.