Irving, Texas, office campus sells for $584m

A venture of KDC and Verizon Communications has sold the 1.125 million-square-foot office building at 777 Hidden Ridge Drive in Irving, Texas, for $584.2 million, reported the Dallas local news outlets. 

It is among Dallas–Fort Worth’s largest real estate transactions of the year and the firm’s largest acquisition to date. 

The buyers were reported to be Washington, D.C.–based real estate investment firm PRP, which partnered with investors in Saudi Arabia and New York City.

The property is a 10-story glass-and-stone tower with a seven-story parking garage. The property includes a daycare, wellness center, food hall and a pond. It is one of the largest developments being built in North Texas. 

It is part of the $1 billion Hidden Ridge mixed-use development in Irving that also includes Verizon’s 1 million-square-foot campus. The telecom giant sold its 51-acre campus for $344 million in 2016 to Chicago-based Mesirow Financial.

 Recently, PRP acquired 350 Rhode Island St. in San Francisco, a 127,100-square-foot office building leased to the City of San Francisco. The property was acquired for $134.25 million from Clarion Partners. 

PRP also owns the FedEx Office headquarters building in the Legacy West development in Plano, Texas.