The Uptown/Turtle Creek office submarket keeps getting hotter and hotter to investors. Chicago-based Origin Investments and Dallas-based Blackwatch Partners bought Lee Park Tower I and II in the area.
Tower I at 3303 Lee Park is 49k SF with average floor plates around 10k SF. Tower II at 3626 North Hall St totals 72k SF with floor plates averaging 8k SF. The Class-B properties are 60% leased.
Origin VP of acquisitions Matt Ozee says Lee Park Towers appealed to him and his team because of the location, low basis and value-add potential. Origin and Blackwatch have committed to building upgrades and rebranding such as updated common areas, operating systems and elevators. The Uptown/Turtle Creek market tops 10M SF and is 90% occupied.
BlackWatch will manage, market and lease the available space.
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