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93,087-SF Greyhound HQ Sells One More Time

DALLAS-A local buyer wins the office building in a re-marketing after two contracts fall out. Greyhound's gone, but its master lease goes until 2012. The interest is location.

By Connie Gore | Updated on August 22, 2008

DALLAS-The 93,087-sf former Greyhound Lines Inc. headquarters has sold for the second time in four years, with the deed this time passing to a local partnership for more than $10 million. The bus lines’ exit jump-started marketing late last year of the class B office building, with a class A location at a major North Dallas intersection.

The new owner is starting the play with Greyhound’s name on the lease at 15110 N. Dallas Pkwy. until 2012 and the bus lines in control of subleases for a 10,000-sf office to Bank of America, roof rights to AT&T Wireless and billboard rights to Viacom. The local partnership won the deal in a re-marketing after two other contracts fell out, Ronald Hebert, senior associate and director for Marcus & Millichap Real Estate Investment Services in Dallas, tells GlobeSt.com, adding the hurdle was financing.

“With the tenant dark, it changed the dynamics,” Hebert explains. Although Greyhound’s name is on the lease for a few more years, he says it’s only lighting a 2,000-sf data center. Its headquarters operations moved in March to the Patriot Tower at 350 N. St. Paul St. in the Downtown Dallas.

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