Dallas office complex to sell for $825m
Transwestern is in contract to acquire the State Farm Operation Center in Richardson, Texas, for a rumored price of $825 million in a sale-leaseback deal with State Farm Insurance, according to Real Capital Analytics. Eastdil Secured represented the seller.
The office complex totals 2.3 million square feet spread across four buildings. It is 100 percent occupied by State Farm.
Dallas had the third most active property sales market in 2015, according to RCA’s “Top 40 Markets of 2015,” a position it has held for the past seven years, with a total of more than $19.5 billion in sales volume, a 25 percent year-over-year change. During first quarter 2016, the Dallas market had 252 closed property sales, totaling more than $3.4 billion in sales price. First quarter office transactions totaled 41 properties valued at $621 million; the market’s most active property type was the apartment sector, which saw 106 assets sell for more than $2 billion