Dallas: two-building office complex sold, redo to Class AADallas: two-building office complex sold, redo to Class AAhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=342015-08-27T05:00:00Z2015-08-29T12:00:00Z


DALLAS - Two North Central Expressway office buildings — 6060 and 6080 North Central Expressway — have been acquired by a joint venture between Houston-based Triten Real Estate Partners and Chicago-based Convexity Properties.

6060 North Central Expressway is an eight-story, 224,682-sf boutique office building. It was constructed in 1972 and renovated seven years ago.

The second building, 6080 North Central Expressway, includes a four-story building with three levels of parking and a floor totaling 45,817 sf of office space.

According to JLL second quarter research, office rates in the North Central Expressway submarket average $23.74 PSF plus utilities, compared to Uptown where average asking rates are $33.53 PSF.

The new partnership plans to immediately begin a multimillion-dollar renovation to the buildings to bring them up to Class AA standards. In the future, the two firms plan to build a mixed-use lifestyle center surrounding the properties to focus on offering a work-play-live environment to the neighborhood.

At the time of the deal, 6060 North Central Expressway was 88 percent leased and 6080 North Central Expressway was 100 percent leased to Zenith Education Group.​

Dallas Business Journal
Dallas-Fort Worth-Arlington
http://www.bizjournals.com/dallas/news/2015/08/27/investors-buy-2-building-office-complex-in-dallas.html?iana=ind_creSource: {Source}

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