Ohio STRS buys Dallas office building

The $78.3 billion State Teachers Retirement System of Ohio has acquired the Turtle Creek office building in Dallas. The 140,000-square-foot office building is located at 3131 Turtle Creek Blvd. The purchase price was not disclosed, however, news sources reported the building sold for $350 per-square-foot or about $49 million.

Cardinal Capital Partners, a Dallas-based firm who purchased the tower in 2014, was the seller.

As we enter the eighth year of this real estate cycle, Dallas–Fort Worth has shot

to the top as one of the most in-demand office markets in the country, reports JLL in its Q1 2018 Dallas–Forth Worth Office Insight report. Despite the fact that rental rates are reaching 15 percent above their prerecession highs and unemployment is closing in on 3 percent, the cost to do business in DFW still remains at least 20 percent cheaper than the top coastal cities. The DFW office market has accommodated this demand by delivering more than 20 mi