A landmark Dallas-area tower complex has sold in what could be the biggest commercial property transaction of the year in North Texas.
A partnership headed by New York-based Apollo Global Real Estate and Vanderbilt Partners of Chicago has purchased the three-tower Williams Square in Las Colinas.
The 1.4 million-square-foot office complex sold for almost $330 million, the highest price for a Dallas-area property this year.
Dallas investor Hillwood is also part of the purchase, which includes a 26-story high-rise.
Investor Brookdale Group of Atlanta sold Williams Square.
Brookdale paid about $225 million for the property in 2012 and has spent millions to upgrade.
The buildings, on which construction started in 1985, are almost fully leased, with major tenants including Pioneer Natural Resources, Flowserve Corp. and Accenture.
Holliday Fenoglio Fowler LP marketed the Las Colinas buildings as part of a larger package that includes properties in Florida and Atlanta.
HFF also arranged the financing for the purchase.
Executives with the new owners could not be reached for details about their plans for the Irving property.
HFF officials declined to discuss the transaction.
Williams Square is the centerpiece of the Las Colinas development, with three office towers, a smaller office building and retail space.
The buildings surround a landmark sculpture of running mustangs, which is owned by the city of Irving and the Dallas County Utility Reclamation District.
The Williams Square sale price was slightly higher than the recent purchase of the three Galleria office towers in Far North Dallas. Those buildings, with about the same amount of office space, went for more than $300 million.
Real estate broker Jack Crews of JLL said Williams Square is “a great piece of real estate.”
“The previous owners invested some money and sold it for a great profit,” he said. “I would think it is the largest deal this year.”
The recent sale of the 60-story Comerica Bank Tower in downtown Dallas totaled more than $170 million.
And the 2100 Ross tower downtown sold for $131 million.
Sales are still pending for three more downtown tower properties.
“Given some of these large transactions, I think we are on pace for a record year,” said Tim Speck, regional manager of Marcus & Millichap’s Dallas office.