Plaza of the Americas in Dallas has been placed on the market for sale as the class A office complex in the Arts District is being marketed by CBRE Capital Markets. Houston-based M-M Properties and Dallas-based Invesco Real Estate are seeking to sell the property, four years after acquiring it for close to $100 million; the current asking price for the property has not been disclosed.
"Having another trophy tower on the market will draw more attention to the Downtown market, bring more investment dollars and ultimately positively impact the sale of Plaza of the Americas," John Alvarado of CBRE told Bisnow. M-M Properties has enhanced the rent roll as well as updated the project since its acquisition a few years ago.
Built in 1980, Plaza of the Americas is a 1,233,266 square-foot Class A office/mixed-use complex in Dallas, Texas. The property is comprised of twin 25-story office towers connected by a 13-story atrium containing two levels of retail and abutting the 407-room Marriott City Center Hotel. The property is located on the expanding light rail system at the Pearl Station and enjoys superior access to all freeways and major thoroughfares that serve the Dallas CBD. The property is currently 74% leased with major tenants including JPMorgan Chase Bank, AIG, Capital One, Thompson Coe, and the United States Government.
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