CBRE Tapped for Plaza of the Americas

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.

For more news and information visit Blumberg Capital Partners.

Olymbec Group Buys 1700 Pacific in Dallas

The Olymbec Group, a Canada-based family investment group helmed by Richard Stern, picked up one of Dallas' last skyscrapers on the market this week with the acquisition of 1700 Pacific. CBRE was selected to market the property in August of last year, and represented the seller, Berkeley Investments Inc. (which had owned the property since 2005), in the deal. Terms of the deal were not disclosed, though according to the Dallas Central Appraisal District, 1700 Pacific is valued at $51 million.

"1700 Pacific presented an opportunity to acquire a meaningful stake in the ongoing transformation of the Dallas [Central Business District]," John Alvarado, senior vice president of CBRE, said in a statement. "Investors were attracted to this property because it is well positioned to capture surplus demand from Uptown by serving as a cost-effective alternative that provides high-quality space and amenities."

"They were excited about what they see happening in downtown Dallas," John Crawford, president and CEO of Downtown Dallas Inc., an advocacy group for the city's urban core, told the Dallas Business Journal. "They did their due diligence and decided to go hard with some money, which is a step in the right direction. But nothing is over until it's over."

The 1.3 million-square-foot, 49-story office building was built in 1983 and sits across the street from the planned Pacific Plaza park. The property was over 40% leased at the time of sale with major tenants including Akin Gump Strauss Hauer & Feld LLP, Neiman Marcus, Mary Crowley Medical Research Center, and Southcross Energy.

For more news and information visit Blumberg Capital Partners.