One of the area’s most recognizable office buildings has changed hands. Dallas-based Gaedeke Group has acquired Millennium Tower, buying the 351,683-square-foot property from KBS Realty Advisors in an all-cash deal. The 14-story building, which sports a large steel “crown,” was built in 2000 by Dallas developer Wynne Jackson. It sits at 15455 N. Dallas Parkway, near Arapaho Road in Addison.
KBS Realty acquired the building in 2008 from RREEF. It was represented in the sale by the CBRE team of Gary Carr, John Alvarado, Erick Mackey, and Robert Hill.
Carr, vice chairman, said the property was highly sought-after by institutional and private investors nationwide. “Millennium Tower is one of the highest quality suburban assets in the city,” he said. “We are pleased to see Gaedeke buy it because of the quality of the ownership. This building has always been owned by quality investors.”
Gaedeke’s other local holdings include One McKinney Plaza, Oak Lawn Plaza, Regency Plaza, Banner Place, CBS Radio Tower, Forest Ridge Plaza, and Richland Corporate Centre. The company also owns Class A office properties in Arizona, Florida, Tennessee, Washington, D.C., and Germany.
Glenn S. Lickstein, president of Gaedeke, called Millennium Tower an “excellent addition” to the company’s portfolio. “We have looked at many buildings through the years, but this one stood out as a premier class office building,” he said.
As of January 2014, Millennium Tower will have an occupancy of 97.8 percent. The largest tenant in the building is Dresser Inc., a subsidiary of General Electric Co., which occupies 44,115 square feet. Going forward, leasing will be handled by Belinda Dabliz, vice president at Gaedeke. On-site property management will be led by Debra Spears, who previously oversaw Banner Place.
Lickstein said Gaedeke aims to continue making acquisitions.
“We are constantly seeking to upgrade and invest in our portfolio,” he said. “We are definitely looking to buy more buildings in our existing markets of Dallas, Miami and Washington, D.C., and add some new markets, such as Boston, New York and Atlanta.”