JPMorgan Fleming Buys 300,000 SF, Changes Team

PLANO, TX-JPMorgan Fleming Asset Management has dovetailed the purchase of the Lincoln at Legacy with a new leasing and management team for the 300,000 sf of class A office space in the heart of the city’s Legacy Town Center. The New York City buyer supposedly shelled out about $170 per sf to seller Brookdale Group of Dallas.

The closely guarded sale leaked out with a routine press release about CarrAmerica’s new assignment for 5700 and 5800 Tennyson Parkway, twin six-story buildings now deeded to the Strategic Property Fund, a commingled pension fund trust. Andrea Peskind, senior director for Cushman & Wakefield of Texas Inc., single-handedly brokered the sale, but she and others associated with the deal and the change of command can’t talk.

Real estate sources tell GlobeSt.com that the buildings went under contract in early May for about $170 per sf and closed in the last two weeks. Sources say the selling price is a safe bet, given the 97% occupancy and Triad Hospitals Inc.’s long-term headquarters lease for the entire 5800 Tennyson. Last year, nearby product sold for $145 per sf, but the occupancy and quoted rate were considerably less plus it wasn’t carrying the landmark town center address with a hotel, high-end residential and retail as its neighbors. The Lincoln at Legacy complex’s quoted rate is $23.50 per sf.