Bridge Office Fund Manager LLC (Bridge Office), an affiliate of Bridge Investment Group LLC (Bridge), has acquired Tower 1320, a 243,109-square-foot, 10-story, Class A office building for an undisclosed price. The property is located in the highly accessible Office Center business park within the Las Colinas submarket in Irving, Texas.
CBRE Capital Markets represented the seller Arden Group. CBRE’s Evan Stone, Gary Carr, Eric Mackey, John Alvarado, Jared Chua, Robert Hill and Mary Claire Houseman arranged the transaction on behalf of the seller. Bridge Commercial Real Estate (the operating company of Bridge Office) will handle the property management, while Peloton Commercial Real Estate’s T.D. Briggs and Jeff Wood have been selected to spearhead the marketing and leasing of the asset.
“As a result of the recently completed and very exciting planned developments near Tower 1320, there is significant new energy near Tower 1320 and the dynamic Las Colinas submarket,” said Jeff Shaw, Principal with Bridge Office Manager and CEO of Bridge Commercial Real Estate, the office operating subsidiary of Bridge Investment Group. “Tower 1320 is well-located with tremendous access from both the George Bush Turnpike and the John Carpenter Freeway, as well as just 10 minutes from Dallas Fort Worth International Airport, providing tenants with easy and central access to the rest of the DFW metro area.”
Tower 1320 is located in the heart of Las Colinas, a 12,000-acre master planned business and residential community centrally located between Dallas and Fort Worth. In recent years, economic development in Irving/Las Colinas has been very strong with the addition of nearly $6 billion in new and planned investments, including 5.9 million square feet of residential, retail, and commercial space, 12,000 residential units, premier shopping, area country clubs and 1,000 hotel rooms.
“The new ownership intends to invest heavily into the already strong amenity base at Tower 1320 with newly enhanced collaborative space for tenants, move-in ready suites, and upgraded common areas. This will complement the already large parking ratios, training facilities, onsite Murphy’s café, and the soon to open walkable area restaurants and amenities,” added Shaw.
Built in 1981, Tower 1320 is located at 1320 Greenway Drive, and features an adjacent two-story parking structure that includes 1,045 parking spaces, resulting in a parking ratio of 4.3 per 1,000 SF. The strong tenant listing includes well known firms like Children’s Medical Center, Service Link, and Crosscheck, among others.
Presented by Bridge Investment Group, October 23, 2017