IRVING, TX-A little more than a year after buying Regent Commons, Toronto-based Brookfield Asset Management has sold the three-building, 619,643-square-foot office complex to GI Partners. The complex of class A buildings is 100% leased to long-term tenants Citibank and State Farm.
Regent Commons was developed in 2006 by KDC as a build-to-suit project for Citibank. About a year ago, State Farm signed a 400,000-square-foot lease, with Citibank occupying the remainder. The complex is on 52 acres, at 3950-4050 Regent Blvd. The sales price was kept under wraps, with the Dallas Central Appraisal District assessing it at close to $60 million.
Cushman & Wakefield's Michael Rotchford, David Wenk and Robert Elms from the firm's world headquarters office in New York, along with Scot Farber and Maureen Kelly from the Dallas office of Cushman & Wakefield of Texas, Inc. represented the seller. Co-broker on the transaction was Cassidy Turley.
“There was strong investor appetite for this property from a broad range of investors due to the quality of the asset and the credit strength of the tenants,” Rotchford says.
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