FORT WORTH--Transwestern Investment Group (TIG) has acquired a Cultural District-area asset on behalf of Diversified International Partners. CBRE in Dallas brokered the transaction of 550 Bailey, a 122,828-square-foot, seven-story office building.

“550 Bailey provided an opportunity to acquire an asset with a highly diversified tenant roster, which is consistent with our investment focus across the country – ultimately limiting our exposure to any one industry,” Jonathan Napper, vice president of acquisitions for TIG, told GlobeSt.com.

Currently 98 percent leased with in-place rents approximately 15 percent below market, the property has undergone numerous capital improvements. Approximately $6 million has been invested since 2008 to transform the building, with renovations including remodeling the lobby and common areas, modernizing elevators, enhancing the exterior landscaping, and the construction of a covered walkway from the parking garage to the office building. Having been well maintained, limited capital expenditures are anticipated at the asset.