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$300M-Plus Galleria Buy Set to Close Next Week

DALLAS-Cannon Commercial releases $10 million to the seller, getting a spot in the record books with the 1.4-million-sf trophy and 1.5 acres, where it plans to plant a tony hotel.

By Connie Gore | Updated on March 27, 2008

DALLAS-With a loan assumption put to bed, Cannon Commercial Inc. will close within the week on the 1.4-million-sf Galleria Tower I, II and III. Selling for more than $300 million, the trophy complex, including a 1.5-acre tract, will go down in record books as the second-highest single office sale in the city’s history.

Sources confirm the city’s biggest sale was Bank of America Tower, which garnered $325 million in 1998. Kam Mateen, president of the Los Angles-based Cannon Commercial, says the closing for the Noel Road landmark was pushed once, but a loan modification for the assumption quickly put it back on track. “We are very optimistic about this deal and closing more in Dallas,” he tells GlobeSt.com, adding $10 million has been released to the seller. “It’s a sure thing it’s going to close.”

Mateen and his brother, Shervin, who’s the company’s CEO, already are negotiating with a prominent hotel company to joint venture on a boutique low-rise for the vacant land. “It’s a very, very important hotel flag. We’re going to put the most exclusive hotel on the vacant lot at the corner,” Mateen vows.

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