DALLAS-One of the city’s prominent high-rises has a new ownership, as well as a new leasing and management agent. Cornerstone Advisers acquired the 20-story Northpark Central and hired Transwestern to handle leasing and management for the 491,803-square-foot office building.
Cornerstone purchased the class A property from a fund sponsored by Apollo Real Estate Group for an undisclosed amount. Local experts estimate the asset, located at 8750 N. Central Expressway, sold for more than $50 million.
With the acquisition, Cornerstone now owns three office properties in the Metroplex including Waterway Tower in the Las Colinas submarket and Three Forest Plaza in the Park Central submarket. Transwestern handles the leasing and management for all three properties, according to Matt Hurlbut in Transwestern’s local office. He and Fletcher Cordell will head up the leasing team, while Susanne Doublin and Nicole Sladovnik will manage the property.
“Cornerstone talked to a couple of other groups about the leasing and management assignment, but they elected us because of our relationship with the two other buildings,” Hurlbut tells GlobeSt.com. “We are very excited to get the assignment, and just as Cornerstone other local properties are leaders in their submarkets, we believe this building can be a leader in North Central Expressway submarket.”
Currently, Northpark Central is 90% leased to a strong tenant base with little roll over for the next four years, Hurlbut says. The building’s largest tenant is The Richards Group, which occupies about 175,000 square feet. Other tenants include: Bill Matrix, Reddy Ice, L&B Realty, Gilsa Products and CF & Company.
The new leasing team will focus on leasing the remaining vacant space, Hurlbut says. Additionally, the duo plans to increase the value of the property by making minor cosmetic improvements to common areas and modifying the rental rates so they are “more in line with the buildings that directly compete with it.”
Hurlbut says the building’s market messages will focus on nearby amenities including the Park Lane Place mixed-use development. “We want to raise the profile of the building and highlight its proximity to Park Lane,” he explains.
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