Regent Properties announced the acquisition of Trammell Crow Center, a 50-story skyscraper located in the heart of downtown Dallas. The Los Angeles and Dallas-based company purchased the Class A office building from institutional investors advised by JP Morgan Global Alternatives. Regent did not disclose a sale price or terms of sale.
One of the best-known buildings on the Dallas skyline, the Trammell Crow Center is home to major tenants including Gibson Dunn, Baker Botts, Goldman Sachs, Citibank, FTI Consulting and Invesco, according to data from CommercialEdge.
The purchase also includes a full city block adjacent to the office tower which features an existing parking garage, ground floor retail and a development site where new residential property or offices could rise.
Conceived by Skidmore, Owings and Merrill and completed in 1985, the iconic tower went on sale in December 2021, according to the Dallas Morning News. In recent years, the building has undergone $180 million in renovations and capital investments.
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Regent Properties CEO Eric Fleiss said in prepared remarks that the major acquisition was part of the company’s strategy to invest more than $2 billion in “high-quality” office properties in Texas. and in the Sunbelt and underlined the company’s confidence in the office market going forward.
The sale follows several major company moves. In January, Regent acquired a 435,000 square foot office tower in downtown Austin. The company paid seller Cousins Properties $174 million for the 20-story property, according to the Austin Business Journal. Last year, Regent paid $420 million for a four-building commercial office property portfolio in downtown San Diego. The company also opened a second Dallas headquarters in September 2021 at 2000 McKinney Ave.
The Dallas-Fort Worth office market has seen strong office sales in recent months. In 2021, more than 28 million square feet of office space changed hands in the metroplex, according to CommercialEdge. On the rental side, the region’s office vacancy rate plateaued in January, at 17.6%.