The Towers at Williams Square has sold for a record $330M in what could be the largest commercial real estate deal of 2015.
New York-based Apollo Global Real Estate and Chicago-based Vanderbilt Partners teamed up with Hillwood, which contributed a small percentage of equity, to purchase the Irving office tower complex from The Brookdale Group of Atlanta. Brookdale purchased the property in 2012 for $225M and has invested $12M in upgrades over the past three years, the Dallas Business Journal reports. The 1.4M SF complex consists of one 26-story office tower, two 14-story towers and a five-story building on a 16-acre site that fronts Lake Carolyn.
The complex was 98% leased at the time of the deal and counts Pioneer Natural Resources among its tenants. The record-breaking deal is the latest sign of the explosive growth in the DFW area, especially in the booming office market sector. [DBJ]
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