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1M-SF Office Buy Opens Door for $5M-Plus Redo

ADDISON, TX-Holding a new deed, CB Richard Ellis Investors maps out changes for the Colonnade, which the street says required $171 per sf or roughly $176 million to win.

By Connie Gore | Updated on July 02, 2008

[IMGCAP(1)]ADDISON, TX-CB Richard Ellis Investors, tapping a $2.1-billion equity fund, has closed on the 1.03-million-sf Colonnade I, II and III in North Dallas, immediately earmarking more than $5 million for upgrades. If the street has it right, the sale was sealed for $171 per sf or roughly $176 million.

Chicago-based Colonnade Realty Holdings, whose extended family includes Blackstone Group and JPMorgan Asset Management, has controlled the class A trio along the Dallas North Tollway since April 2005. CBRE Investors, buying for its Strategic Partners US 5 fund, is starting out with 75% occupancy in the trio: the 292,490-sf Colonnade I at 15301 Dallas Pkwy., 314,125-sf Colonnade II at 15303 Dallas Pkwy. and 377,639-sf Colonnade III at 15305 Dallas Pkwy.

Michael Burrichter, principal of the Los Angeles-based investment group, says the plan is to upgrade mechanicals, add its branded 5-Star service center, make over the 70 foot-high atrium and concourse connecting the trio and improve energy efficiencies so the complex meets LEED requirements. [IMGCAP(2)]Architect Andre Staffelbach of Staffelbach Design Associates Inc. in Dallas has started to build the design and technical team to price the job and get permits so work can begin by year’s end. The ballpark estimate is the trio’s new packaging will take one year to complete, according to Burrichter.

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