DALLAS--PM Realty Group (PMRG) has acquired One Hanover Park, an eight-story, 195,894-square-foot class A office building located in North Dallas. CBRE's Eric Mackey, Gary Carr, John Alvarado and Robert Hill arranged the transaction on behalf of the sellers, a partnership between Cawley Partners and Stockbridge Capital.
“One Hanover fits our strategy of buying A-quality properties with value-add returns in markets where PMRG has extensive operating experience," John Dailey, executive vice president of investments at PMRG, told GlobeSt.com. "The Dallas/Fort Worth metroplex office market will continue to show improvement as companies are attracted to the business-friendly environment with relatively lower business costs and a well-educated labor force."
One Hanover, built in 1998, is prominently located along the Dallas North Tollway. The building is 82.2 percent occupied, and last year saw positive leasing and renewal activity there. Floor plates at the building average about 25,000 square feet.
“One Hanover presents a unique opportunity for a large tenant in search of full-floor class A space in one of Dallas' strongest and best performing sub-markets,” says Kurt Cherry, executive vice president of property services at PMRG.
In a recent Q3 market report released by PMRG, the firm reported that the Dallas area saw 1,708,046 square feet of direct net absorption, its largest absorption gain since the beginning of 2001, bringing the year-to-date total to nearly 3.2 million square feet. The class A sector was the largest contributor with 1,276,465 square feet of direct absorption growth versus 422,097 square feet of absorption across the class B sector.
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