Thursday , 29 September 2016
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Hines REIT Sells Dallas Building to Bradford; Uptown Tower is HQ of Balfour Beatty Construction

Citymark building in Dallas.

Citymark building in Dallas.

DALLAS – A Bradford Commercial Real Estate Services partnership has purchased the Citymark office building in Uptown Dallas from Hines Real Estate Investment Trust.

The 11-story tower houses the U.S. headquarters of its largest tenant, Balfour Beatty Construction.

CBRE Capital Markets’ Institutional Group represented Hines in the transaction.

The office building offers a total of 218,926 rentable square feet and is currently 73.6 percent leased.

CBRE’s Gary Carr, John Alvarado, Eric Mackey, and Robert Hill handled the sale.

“Investors were attracted to Citymark for its tremendous upside potential and compelling economic profile,” said Alvarado, Senior Vice President of CBRE. “Its location within Uptown also offers a sophisticated and vibrant, pedestrian-oriented neighborhood within Dallas’ preeminent and consistently best-performing office submarket.”

Bradford has retained the Gensler architecture firm to oversee the repositioning of the building.

The Class A building is located at 3100 McKinnon Street on a 3.7-acre site and is comprised of an 11-story office tower, four-level parking garage and 0.5-acre developable parcel with roughly 200 feet of frontage along McKinnon Street.

The buyer of record is Bradford’s 3100 McKinnon LP, which also includes the notable Dallas real estate firms of Thomas Title and Escrow and The Presidium Group. The buyer was represented by Richmond Collinsworth, vice president of office services for Dallas-based Bradford.

“For the uncompromising tenant, the theme of the day is work, live, play. Citymark certainly delivers on the active lifestyle requirements of demanding tenancy,” says Kevin J. Santaularia, president and CEO of Bradford. “Of note, with the property strategically located at Dallas North Tollway and Wolf Street, as the congestion in Uptown continues to degrade with additional new construction and density, Citymark is the clear leader for tenants who need an Uptown location and the ability to get in and out of the Dallas core to other parts of the Metroplex.”

In addition to Balfour Beatty, the  tenant mix includes Hospice Plus, Home Team Pest Defense, The Real Estate Council and Smith Seckman Reid Inc. Citymark will be leased and managed by Bradford Commercial.

“Citymark offers a unique amenity package for future and ongoing tenancy due to its unmatched location. We will immediately begin implementing an extensive, multimillion-dollar repositioning and capital improvement program to further enhance this property,” says Ed Pachecano, Bradford’s executive vice president and office managing partner.

Immediate plans call for upgrading the class A project’s fitness center, improving Katy Trail access and adding new outdoor space for events on the plaza deck. Bradford will create a park-like setting that will be located four stories above the Katy Trail with southern corridor views to The Azure, the new Bleu Ciel high-rise condominium complex, and Victory Park.

Gensler, a global design and architecture firm, has been tapped to oversee the repositioning.

 

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