A New York investor has purchased a Las Colinas office campus.
Addison-based Behringer Harvard sold the 3-building Las Colinas Commons office park on West Walnut Hill Lane in Irving.
The 17.25-acre campus has almost 240,000 square feet of buildings near Dallas/Fort Worth International Airport.
Commercial real estate firm Transwestern brokered the sale.
“The lack of speculative space slated for development in the submarket and the price point and rents Las Colinas Commons offers added to its appeal in the marketplace,” Transwestern’s Steve Rowland said in a statement. “This property presents a compelling value-add opportunity.”
Rowland negotiated the sale along with Transwestern’s Steve Simon, Fletcher Cordell and Nathan Durham. Terms of the sale were not disclosed.
Strong leasing during the last few years has dropped overall office vacancy in the Las Colinas area to around 13 percent.
And only a few large blocks of office space are on the market for tenants.
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