As part of the deal, BlackBerry will lease back a portion of the project, or about 37 percent of the property, which illustrates BlackBerry scaling back its U.S. operations. The company did not immediately respond to requests for an interview. Mark Vowell of Hunton & Williams’ Dallas office, as well as Trevor Ives, Adam Fritcher and Carol Rennesund, represented Brookfield, which didn’t immediately respond to requests for an interview.
Shannon, Gracey, Ratliff & Miller LLP represented BlackBerry in the real estate transaction.”Brookfield is really good at buying properties at the right price and making an investment to bring up the value of the real estate,” Vowell, a partner at Hunton & Williams told the Dallas Business Journal.
“This is a smart company and they buy what they feel is a good price and increase the value through leasing and improvements to the property.” Gary Carr, Eric Mackey, John Alvarado and Robert Hill of CBRE brokered the deal on behalf of BlackBerry.
“Investors were attracted to this asset due to its high-profile Las Colinas location and asset quality,” said Mackey, senior vice president of CBRE, in a written statement. “Riverside Commons also offers tremendous upside through the lease up of available space within one of Dallas’ top resurging office submarkets.”