DALLAS-Brookwood Financial Partners, LLC, a leading real estate investment and asset management company has acquired Interchange Office Center, a three-story, multi-tenant class A office building located in Dallas.
“Interchange Office Center is a well located, Class A asset that is 88% occupied by tenants whose rents are currently 15% – 20% below today's market rents,” said Thomas Brown, Brookwood's director of acquisitions. “There has been significant population and job growth in the Dallas area that has led to strong levels of market absorption, which when coupled with the overall lack of new construction, has resulted in both a decline in vacancy rates for class A office space and upward pressure on rental rates along the North Dallas Parkway.
“Our objective is to achieve higher rental rates as leases renew at the property and to lease-up the remaining vacant space at these higher rates,” Brown added.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
