Dallas’ Galleria Office Towers sell for $400M
DALLAS – Piedmont Office Realty Trust Inc. is buying the three Galleria Office Towers at LBJ Fwy. and Noel Rd. for $400 million.
Built in the 1980s and ’90s, the high-rises were last sold in 2015 to CBRE Global Investors for over $300 million. CBRE spent almost $27 million to update the buildings.
The 1.4 million-sf towers are almost 90 percent leased to major tenants including Amazon.
Piedmont is funding the purchase with a $500 million line of credit and proceeds from the sale of a Philadelphia property. The sale is scheduled to close this quarter, according to filings with the Securities and Exchange Commission.
JLL marketed the buildings for sale.
The Real Estate Center has more on DFW’s office market:
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