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CBRE Investors Returns Two Towers to Market

IRVING, TX-The fund wants its reward from $11.5 million of redos and occupancy-hiking sweetheart deals at the 369,659-sf Summit at Las Colinas and 364,337-sf Tower at Lake Carolyn.

By Connie Gore | Updated on September 24, 2008

IRVING, TX-After aggressively courting the tenant rep crowd, CB Richard Ellis Strategic Partners has returned the 369,659-sf Summit at Las Colinas and 364,337-sf Tower at Lake Carolyn to the sales block. The class A office towers in the Las Colinas Urban Center were under contract last year, but the credit crunch and a re-trading bid caused the deal to collapse.

Market sources say the question isn’t whether or not the 85.2%-leased Summit at 545 E. John Carpenter Frwy. and 92%-occupied Tower at Lake Carolyn at 909 Lake Carolyn Pkwy. can draw offers, but rather if financing is available to get the deal, or deals, across the finish line. A Holliday Fenoglio Fowler LP team has been hired to quarterback this year’s run at the market, grabbing the listing without competing against peers and packaging the play as a no-ask scenario with no firm call dates for offers. Dallas Central Appraisal District has a combined assessment of $73.76 million resting against the Lake Carolyn-fronting pair, which works out to nearly $101 per sf in a submarket where sales prices go considerably higher.

CBRE’s SP III fund acquired the towers, both with high vacancies, in April 2005 from Chicago-based Equity Office Properties Trust Inc. Since then, the Los Angeles-based owner has pumped $4.5 million into renovating the 19-story Summit and $7 million into the 20-story Lake Carolyn tower, according to HFF on-line executive summaries.

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