Photography by Leah Clausen

Commercial Real Estate

Top DFW Office Buyers of 2018

Want to know who the biggest spenders were in the North Texas office market last year? Of course, you do. Keep reading.

A number of iconic Dallas-Fort Worth office properties traded in 2018. The former EDS campus in Plano, downtown’s AT&T headquarters, and Cityplace Tower off North Central Expressway all got new owners.

Colliers International recently released a report that showed who bought what—and how much they paid. The top five big spenders are shown below, followed by a note about the top sellers.

 

Cityplace Tower
Photography by Leah Clausen
  1. Highland Capital Management

    Two acquisitions, $325 million
    Led by Jim Dondero and Mark Okada, Highland Capital Management outstripped the rest of the market in dollars spent by a long shot. The investment firm stomped into the spotlight with two blockbuster buys: the former EDS Campus at Legacy in Plano and Dallas’ Cityplace Tower.

    One AT&T Plaza at 208 S. Akard St. in Dallas
  2. Dundon Capital Partners
    One acquisition, $166 million
    Along with Woods Capital, Dundon made headlines last year with the purchase of the One AT&T Plaza in downtown Dallas. The partners have already put the building up for sale.

    The Centrum
  3. Oaktree
    Two acquisitions, $174 million
    Oaktree Capital, an international investment firm based in Los Angeles, gave Uptown the Hollywood treatment when it purchased The Centrum and Park Creek Place from Quadrant Investment Properties back in June.

    Granite Park VII (Granite Properties)
  4. Union Investment
    One acquisition, $161 million
    German investment firm Union Investment crossed the Atlantic to snag Granite Park VII in September 2018.

    International Plaza I, II, and III
  5. Taconic Investment Partners
    One acquisition, $115 million
    New York-based investment firm Taconic Investment Partners inked its first Texas deal last April when it bought International Plaza I and II after JP Morgan Chase & Co. and Fannie Mae left the Farmers Branch office complex for Plano.

Top Five Sellers

According to Colliers, Angelo Gordon  was the biggest seller in 2018, with three dispositions that added up to $354 million. Rounding out the top five, with one sale each, were Icahn Enterprises ($166 million), Granite Properties ($161 million), Two Trees/Fortis Property Co. ($115 million), and Hines ($86 million).

The region should see continued strong activity in 2019. PwC’s influential Emerging Trends in Real Estate report pegs Dallas as the No. 1 commercial property sales market for the coming year. Summarizing the decision, researchers wrote: “A business-friendly city, Dallas has capitalized on the emerging trends of the last decade by focusing on disciplined development, investing in modern infrastructure and creating spaces where people love to live, work, and play.”

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