DALLAS—HFF announces the sale of Two Addison Circle, a 198,691-square-foot office building in Addison, Texas north of Dallas.

LPC Realty Advisors, an affiliate of Lincoln Property Company, purchased the property on behalf of a public pension fund client for an undisclosed amount. HFF and CBRE jointly marketed Two Addison Circle on behalf of the seller, Brookfield Property Group.  

The six-story property is located at 15725 North Dallas Parkway in Addison Circle, a 70-acre mixed-use development along the North Dallas Tollway. Two Addison Circle is currently 89% leased with large tenants including USAA and Gehan Homes.

According to CBRE, the current occupancy in the Far North Dallas submarket is 86.7% with an average asking rate of $21.53 per square foot. In the fourth quarter of 2013 Far North was the second most active submarket with 183,155 square feet absorbed.

Lincoln Property Company was recently selected to market and lease the hotel and residential components of the Dallas Cowboys headquarters development in Frisco, Texas. Lincoln currently manages more than 124.5 million square feet of commercial property and 128.8 million square feet of residential property nationwide at a combined value of more than $26.5 billion.