State Farm-anchored Richardson office portfolio sells to Spear Street Capital

09/21/2014
by Candace Carlisle | Staff Writer
Dallas Business Journal  

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It's only been a few months since the Galatyn Park office portfolio — with one of the largest blocks of available Class A office space in North Texas — landed on the market in Richardson. Now, the property has sold.
 
Terms of the deal were undisclosed.
 
San Francisco-based Spear Street Capital bought the State Farm-anchored office portfolio, which totals 800,000 square feet across four office buildings. Right now, the property has 600,000 square feet of available office space.
 
The real estate investment group plans to invest a "significant" amount of capital into the portfolio's common areas and on-site amenity packages for tenants, said Chris Taylor, an executive managing director at Cassidy Turley's Dallas office.
 
Taylor is working with Russ Johnson of Dallas-based Peloton Commercial Real Estate to lease the property to tenants.
 
"We will have an office environment that will provide future tenants with the tools they need to uniquely attract and retain their employees," Taylor added, saying the property would also include a shuttle service for tenants to ride to the adjacent CityLine mixed-use development in Richardson.
 
Gaylatyn Park is an 80-acre, mixed-use development in Richardson, which includes the 336-room Renaissance Hotel, a 2,000-seat performing arts center, an 8-acre nature preserve and the 1 million-square-foot Blue Cross Blue Shield headquarters.
 
The two leasing firms — Cassidy Turley and Peloton Commercial Real Estate — have a history of working with Spear Street Capital and are joining forces to market the property to companies expanding in North Texas, or looking at relocating to the region.
 
State Farm's leases on two of the buildings expire in 2016, with the lease on the third building scheduled to expire in 2018.
 
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