Newport Beach, CA-based rest estate investment management firm Buchanan Street Partners announced this week that it had acquired Richardson Office Center I & II in Richardson, TX. The two-building office campus was purchased in partnership with CarVal Investors from Principal Real Estate Investors. Gary Carr and Robert Hill of CBRE represented the seller in the transaction, and Buchanan Street Partners was self-represented. The acquisition marks the second Dallas market purchase this year for Buchanan; terms of the deal were not disclosed.
"The Far North Dallas submarket has been experiencing strong positive absorption and growth in rental rates causing a wider-than-normal price gap compared to Richardson," said Matt Haugen, assistant vice president at Buchanan Street Partners. "Given that trend, the location was one of the main reasons we were attracted to the property. Companies in search of a better real estate value have moved to Richardson because of its affordability and projected growth."
Built in 1999, Richardson Office Center at 3001 & 3101 E. President George Bush Highway are twin, 120,000 SF first class office buildings located off of President George Bush Turnpike and Renner Road in Richardson, Texas. The property was 90% leased at the time of sale with major tenants including Boeing, Genpact and Avnet. Richardson's average lease rate is $19.26 per sf, which is affordable compared with lease rates in the Far North Dallas submarket with an average lease rate of $22.46 per sf, according to CBRE research. The average lease rate in Dallas is $21.68 per sf.
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