Big Richardson office complex sale by Bank of America is in the works
December 13, 2012
By Steve Brown | Dallas Morning News
A 3-building Richardson office complex that once housed offices for telecom firm Nortel is play to investors.
The almost 500,000-square-foot campus in the Galatyn Park development is owned by Bank of America.
The Richardson buildings on Glenville Drive are among a number of such properties around the country that Bank of America is hoping to sell.
The big bank plans to continue to lease office space in the buildings which were constructed in the late 1990s. It has spent almost $1 million in upgrades on the properties.
The Richardson buildings are expected to fetch close to $90 million.
They are part of a 4-building complex that was originally constructed by developer KDC.
In 2010, BOA sold one of the buildings at 2370 Performance Drive to a partnership headed by Dallas’ Champion Partners. Champion has since leased all of that 7-story building to State Farm Insurance.
Real estate brokers say that Champion Partners is in the lead to buy the other three properties from BOA.
The sale could close before the end of the year.
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