Richardson: 800,000-SF Galatyn Park sold

RICHARDSON – A California investor has bought one of the biggest office blocks in Richardson’s Telecom Corridor.

Spear Street Capital has bought the 800,000-sf, four-building Galatyn Park office complex located just east of North Central Expy.

The buildings — which are currently leased to State Farm Insurance and Bank of America — were constructed between 1997 and 2000.

State Farm will begin moving out of the complex in 2015 when it relocates to its new campus at the CityLine complex on President George Bush Turnpike. Its leases expire starting in 2016.

The new owner plans to invest “significant capital” to remodel the buildings, add amenities and set up a shuttle service between the property and CityLine, according to Cassidy Turley, which has been hired to lease the property along with Peloton Commercial Real Estate.

The California-based firm was founded in 2001 and has invested more than $3 billion in real estate nationwide.