“Consistent with our value-add strategy, we acquired The Embassy at a deep discount to replacement cost in a dynamic market that has started to see increases in both occupancy and rental rates,” Thomas Nicholas Trkla, Brookwood’s CEO, said in a statement.
Brookwood plans to spend $2 million remodeling The Embassy, including lobby makeovers and new landscaping. Jones Lang LaSalle brokered the sale. More than a quarter of the building is vacant. Brookwood bought the building from SFERS Real Estate Corp. Terms of the sale were not disclosed. The building is valued for taxes at $12.8 million. It was last remodeled in 2005.
In July, the Massachusetts-based Brookwood purchased the Interchange office building in Dallas. The three-story office project is at Dallas North Tollway and Bush Turnpike. Brookwood, a private investor, owns 124 properties with more than 11 million square feet in more than a dozen states. The Embassy is the latest in a string of office building sales in Las Colinas this year. Fortis Property Group bought the 18-story Point at Las Colinas tower. And California buyer Parallel Capital Partners purchased the two-building Urban Towers in Las Colinas.