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Korean Group Buys Dallas Project for $370 Million

The Union Dallas was sold to a Korea-based group.

DALLAS – (Realty News Report) – KB Asset Management, a Seoul-based Korean firm, has acquired The Union Dallas for a reported $370 million.

The three-building, 866,273-SF development is  located in the Uptown submarket. JLL represented the seller, RED Development, which will retain a minority interest in The Union Dallas and will continue to manage and lease the development.

JLL worked on behalf of the buyer to secure a five-year, fixed-rate acquisition loan through Goldman Sachs.

KB Asset Management was advised by HC2 Capital.

The Union Dallas integrates office, residential, retail and restaurants. It’s newar the Woodall Rogers Freeway, the McKinney Ave Trolley and the DART Rail station.

Completed in 2018, the office tower at The Union Dallas is 94.2 percent leased to tenants including Salesforce, Akin Gump and Weaver.

Feb. 19, 2020 Realty News Report Copyright 2020

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