DALLAS—Buchanan Street Partners is making a big investment in Texas. The Newport Beach, Calif.-based firm has acquired Granite Tower, a 10-story, 240,000-square-foot office building in North Dallas. And reps for the company say it has three Texas deals in the pipeline – two more in Dallas and one in San Antonio.

“We have had a successful track record of investing in DFW and are attracted to the region's job growth history, its current employment prospects and its overall quality of life,” Bob Dougherty, partner at Buchanan Street, told GlobeSt.com. “The opportunity to buy assets at a substantial discount to projected replacement cost serves as a hedge against the area's ever-present over-building risk.”

Buchanan Street acquired the building, currently 97 percent leased, on behalf of an unnamed pension plan from a partnership between CREA Investments and Macfarlan Capital Partners. Terms of the sale were not disclosed.