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It's Official: 1.8M-SF Galleria Sold

DALLAS-End-of-the-year trading closes the books on what surely is Dallas' biggest sale for 2002. Market speculation pegs the price in the $300-million range. Seller Hines and buyer UBS Realty aren't talking price, but brokers are saying UBS wasn't the highest offer.

By Connie Gore | Updated on December 27, 2002

DALLAS-The long-awaited trade of the 1.8-million-sf Dallas Galleria has closed in a deal pegged in the $300-million range between buyer, UBS Realty Investors of Chicago and the Houston-based seller, Hines. The seller, with a vested interest in Dallas, is exploring other development opportunities around town.

The selling price for the 95%-leased trophy is being closely guarded, with speculation coming just from those outside the deal. Those privy to the deal, though, are saying that UBS wasn’t the highest bidder for city’s long-standing retail kingmaker.

“We went to UBS because of the certainty of the close, the certainty of the execution and the previous existing relationship with Hines,” Mark Gibson, executive managing director for of Holliday Fenoglio Fowler LP in Dallas, tells GlobeSt.com. Hines and partner, Starwood Hotels & Resorts of White Plains, NY will continue to own and operate the adjoining Westin. The Dallas Galleria has been turned over to Chicago-based General Growth Properties to manage for UBS. The on-site management staff will remain essentially the same.

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