Transactions - JANUARY 4, 2017

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J.C. Penney sells headquarters for $353m

by Andrea Waitrovich

J.C. Penney Co. has completed the sale of its headquarters office building and surrounding 45 acres of land in Plano, Texas, to Dreien Opportunity Partners, general partner of Silos Opportunity Partners, for $353 million.

The 1.8 million-square-foot asset is known as Campus at Legacy West. J.C. Penney plans to lease back approximately 65 percent of the building, leaving the remaining square footage available for new tenants.

Eight office wings that span 56.8 acres flank the three-story office building. The class A office campus is situated near the intersection of Dallas North Tollway and State Highway 121 within the Legacy Business Park.

J.C. Penney has occupied the campus since it was built in 1992. The property features two cafeterias, a fitness center, onsite retail, childcare center, healthcare facility and two adjacent parking garages.

Dreien Opportunity Partners has retained Colliers International to market the remaining contiguous spa

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