KBS Realty has sold the 351,683 square-foot Millennium Tower, one of the most prestigious and recognizable office properties in Far North Dallas, to Gaedeke Group, a Dallas-based real estate firm. KBS Realty, which was represented in the sale by the CBRE team of Gary Carr, John Alvarado, Erick Mackey, and Robert Hill, acquired the building in 2008 from RREEF. The sale price and terms of the deal were not disclosed.
Carr, CBRE vice chairman, said the property was highly sought-after by institutional and private investors nationwide. "Millennium Tower is one of the highest quality suburban assets in the city," he said. "We are pleased to see Gaedeke buy it because of the quality of the ownership. This building has always been owned by quality investors."
"We have looked at many buildings through the years, but this one stood out as a premier class office building," says Glenn Lickstein, president of Dallas-based Gaedeke Group. "This is an excellent addition to our existing portfolio of class A office properties."
The 14-story, 351,683-square-foot office building at 15455 N. Dallas Parkway has been institutionally owned since its completion in 2000 by Dallas developer Wynn Jackson. As of January 2014, the property will be 97.8% occupied, with major tenants including Dresser Inc., a subsidiary of General Electric Co. Going forward, leasing will be handled by Belinda Dabliz, vice president at Gaedeke, according to a D Real Estate Daily report. On-site property management will be led by Debra Spears, who previously oversaw Banner Place.
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