)
Buchanan Street Partners snapped up Bluffview Towers, a 196k SF office property adjacent to Dallas Love Field. Buchanan Street purchased the two-building property for an undisclosed amount from Commercial Developments International (CDI), marking the company’s fourth acquisition in the DFW area in the last 16 months.
Buchanan Street Partners VP Matt Haugen (pictured here with his team while volunteering at the Knowledge Is Power Program - he's the one in the back, wearing a brown T-shirt) tells Bisnow that Dallas Love Field experienced an 87% increase in passenger traffic year-over-year in September. The cause: the October 2014 expiration of the Wright Amendment, a 1979 federal law that limited long‑haul flights out of the airport.
The company is renovating the building, bringing it up to Class-A with new interiors, such as a spruced-up lobby, tenant lounges, corridors and bathrooms. Renovations are set to begin in 45 days.
Bluffview Towers is 82% occupied, but hopes to attract new corporate tenants who will be attracted to the convenient location. Matt tells us the building will provide real value to tenants; it's a beautiful property in a great location, but tenants won’t be paying Uptown rents.
Buchanan Street's other recent Dallas-area purchases are also poised for growth as a result of positive absorption and infrastructure improvements. The properties include Tollway Plaza, a prominent two-building property in Addison; Richardson Office Center I & II in Far North Dallas; and Granite Tower in Northwest Dallas along LBJ Freeway.
JLL’s Jack Crews, Evan Stone and Lauren Zimmer repped CDI in the Bluffview Towers transaction, while Buchanan Street repped itself.
)
)
)
)
)
)
)
)
)
)
)
)