A joint venture between Houston-based PM Realty Group and American National Insurance Co. announced this week that it had entered into an agreement to purchase the One Hanover Park building. The property was sold by a partnership between Cawley Partners and Stockbridge Capital; the sale price is unknown, but One Hanover Park was being marketed at $24 per square foot plus electricity. Terms of the deal were also not disclosed, but a press release notes that CBRE Group's Eric Mackey, Gary Carr, John Alvarado, and Robert Hill brokered the sale.
"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."
Cawley Partners are finishing some renovations to One Hanover Park, an eight-story, 195,754-square-foot Class A office building at 16633 Dallas Parkway in North Dallas. Those renovations include developing spec suites and gutting the top floor for a new tenant, according to a Dallas Business Journal report. The group plans to finish the spec suites prior to the deal closing.
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