Philly double header buy: 241,000-SF Atrium; Le Meridien

DALLAS, IRVING – The 258-room Le Meridien Galleria hotel located at 13402 Noel Rd. in Dallas, and the 240,928-sf Atrium at Office Center located at 1320 Greenway Dr. in Irving have been sold to Philadelphia buyer, the Arden Group.

The Dallas hotel, in the Galleria North submarket, was a joint venture purchase with HEI Hotels & Resorts. The all-suite hotel has over 3,800 sf of meeting space. The venture plans $3 million in upgrades, and HEI will manage the property.

The ten-story Atrium at Office Center is located in the Las Colinas development near SH 114 and SH 161. It is a Class A-/B+ building with 51 percent occupancy. The building will be renamed Tower 1320 and will undergo $3 million in renovations.

The Atrium building is half full. It was bought from Capmark Financial, which foreclosed on the building in 2011.