RICHARDSON, TX—Three large office buildings formerly owned by Bank of America have been sold to Dallas area real estate investors, Champion Partners. The deal concluded this week, and the Dallas Morning News reports that Bank of America will continue to lease and occupy the buildings.
The properties are among a number of buildings around the country that Bank of America is hoping to sell. Terms of the deal were not disclosed.
“We took title to them yesterday,” Champion Partners managing partner Steve Modory told the paper on Wednesday. “It was a natural fit for us to go after them because it allowed us to consolidate the whole campus.”
Acguiring the three buildings, which total 500,000 square feet, means that Champion Partners has a four-building complex in north Richardson. The new acquisitions are located at 2375 Glenville Drive, which has two buildings, and 2380 Performance Drive.
State Farm Insurance, which occupies buildings in the Telecom Corridor area, is also reportedly interested in leasing space in the property. Champion Partners bought an adjoining building in 2010 and recently leased it to State Farm.
In 2010, Champion Partners purchased two nearby empty buildings from lenders who had foreclosed on the property.
Click Dallas Morning News to read the full story.
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