With the deal in the final stretch, dealmakers are keeping details close to the vest although the buyer's identity has been confirmed. Sources did say that Cannon Commercial, led by brothers Kam and Shervin Mateen, have sold roughly $350 million of office and retail assets in Houston and are preparing to plow most of the proceeds into the Dallas market. The 95%-leased Galleria office landmark along Noel Road will be Cannon Commercial's first major acquisition in the city.

Cannon Commercial, a recognized long-term holder, owns 14 million sf of office and retail properties in seven states. In the past year, the firm has acquired the 239,049-sf Toll Hill Office Park on 8.9 acres at 5310 and 5440 Harvest Hill Rd., which is one mile south of the Galleria buildings and a 121,440-sf, class B building at 7515 Greenville Ave., about seven miles to the southeast.

Brooklyn, NY-based Fortis Property Group bought the trio and a 1.5-acre tract, primed for a 288,000-sf Galleria IV office project, in November 2006. Fortis put the package up for sale last fall after bumping occupancy to 98% and rents to $28 per sf to $30 per sf during its short hold. Steering the sale are Jones Lang LaSalle managing directors John Alvarado, Jack Crews and Evan Stone.