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Sold: The Towers at Williams Square in Las Colinas

We're only a few days into 2012, but already may have seen the largest office property sale of the year with The Brookdale Group's acquisition of The Towers at Williams Square, a four-building, 1.4 million-square-foot complex in Las Colinas.
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The Towers at Williams Square

We’re only a few days into 2012, but already may have seen the largest office property sale of the year with The Brookdale Group’s acquisition of The Towers at Williams Square, a four-building, 1.4 million-square-foot complex in Las Colinas. The deal closed Jan. 10.

The Atlanta-based investor plans to make nearly $10 million in capital improvements to the property, which was built in the mid-1980s.

The complex—26-story tower flanked by two 14-story buildings and an adjacent five-story facility—has aged well. It’s 92 percent leased to companies such as Pioneer Natural Resources, Flowserve Corp., and La Cima Club. Many also know The Towers at Williams Square as the home to “The Mustangs of Las Colinas,” nine bronze mustangs galloping across the property’s central plaza.

The property will continue to be leased and managed by Cousins Properties. Holliday Fenoglio Fowler represented the seller, TIAF-CREF, and also helped Brookdale arrange financing.

It’s the fourth buy by the company’s sixth fund in the last year. (The others are in Raleigh, N.C., and Tampa, Fla.) Brookdale Investors’s Six LP, which closed in December 2009 with about $410 million in equity commitments, will have enough capital to acquire an additional $600 million of Sunbelt office properties over the next several years, the company said.

Here are a couple of press statements on the buy from Brookdale officials:

Fred Henritze, co-founder and president: “The purchase of this iconic project in one of Dallas’ most dynamic submarkets anchors our sixth fund’s investment portfolio with an excellent asset that will continue to be professionally managed and leased by Cousins Properties,” said  of Brookdale.

Robert Turner, senior vice president: “The Williams Square acquisition aligns perfectly with our current strategy of investing in Class A office properties in select high-growth Sunbelt office markets and submarkets.”

Press information on The Brookdale Group:

The Brookdale Group is a privately held Atlanta-based commercial real estate investment company founded in 1994 by Chip Davidson and Fred Henritze. Through its sponsored closed-end investment funds, The Brookdale Group makes commercial real estate investments on behalf of the firm’s principals and its institutional co-investment partners which presently include many of the nation’s most prestigious educational endowments and foundations.

Since its formation, The Brookdale Group has sponsored six investment funds with aggregate capital commitments of approximately $1.5 billion which have focused primarily on making “value-add” commercial real estate investments (mostly in office properties) located within the Mid-Atlantic, Southeast and Southwest regions of the United States. For more information, visit the firm’s website at www.brookdalegroup.com.

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