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Dallas’ Galleria Office Towers sell for $400MDallas’ Galleria Office Towers sell for $400Mhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=238642020-02-11T06:00:00Z2020-02-13T20:00:00Z

​​​​​​The Galleria Towers at LBJ Freeway and Noel RoadDALLAS – 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.​

Texas logoThe Real Estate Center has more on DFW's office market:

Dallas Morning News
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