1.4M-SF Galleria Towers: largest DFW sale this year

DALLAS – One of the biggest property sales in North Texas has closed — the purchase of the Galleria Towers at LBJ Fwy. and Noel Rd.

California-based CBRE Global Investors bought the three-building, Class A office complex — one of North Dallas’ largest office properties — totaling 1.4 million sf and connected to the landmark shopping mall.

"This will likely be the largest office sale in DFW this year," said CBRE’s Gary Carr who brokered the transaction along with John Alvarado, Eric Mackey and Robert Hill. "Galleria Towers is one of the most recognizable office projects in the Southwest."

The sale was expected to total more than $300 million. The new owners plan to renovate the buildings, which are around 70 percent leased.

CBRE Global bought the towers from California-based investor Cannon Commercial which acquired them in 2008. The towers were constructed between 1981 and 1990.