Younan Properties announced this week that it had completed the sale of Energy Square in Dallas, Texas for an undisclosed amount. Real estate sources previously said that Energy Square could trade north of $100 million according to a Dallas Business Journal article. The property was acquired by Champion and Lincoln Property Company in a joint venture with Long Wharf Real Estate Partners. Jones Lang LaSalle's Capital Markets team of Evan Stone, Jack Crews and John Alvarado represented Younan in the sales transaction.
Energy Square is a three building Class A office complex built in 1974, 1980 and 1986 with major tenants including Davaco, Homecare Homebase, Reeder Energy, Hartline Dacus Dreyer, New York Life and Jacobs Engineering. The complex covers 953,622 square feet of office space in the North Central Expressway submarket of Dallas and has an average occupancy of 82%.
"There's plans to do a good deal of capital improvements," said Michael Elizondo, executive managing director at Long Wharf. "We're solidifying our ownership and we plan to bring capital to the table."
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