Big deals in the Dallas office market
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 Cos., according to Real Capital Analytics. Eastdil Secured represented the seller. The office complex comprises 2.3 million square feet, spread across four buildings. It is 100 percent occupied by State Farm.
Separately, Fortis Property Group has agreed to purchase a 1.3 million-square-foot office tower in Dallas from Hines. The sales price for Chase Tower is more than $300 million. HFF represented the seller.
Another recent office sale in Dallas is the 1.5 million-square-foot Elm Place, formerly National Bank of Dallas Tower, a 50-story downtown skyscraper that has been vacant for five years. Drever Capital acquired the office tower at 1401 Elm St. out of bankruptcy with plans to renovate it into a mixed-use property. The redevelopment plans call for 335 rental apartments, a 225-room hotel,