Sale of The Colonnade in Addison, Texas, Closed
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DALLAS--(BUSINESS WIRE)--
The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it closed the sale of The Colonnade, a Class AA, three-building office complex in Addison, Texas, on behalf of Equity Office (a subsidiary of The Blackstone Group) and JP Morgan Investment Management, Inc.
The Property was acquired by CB Richard Ellis Investors on behalf of its Strategic Partners US 5 Fund for an undisclosed amount.
The Colonnade is comprised of three office towers totaling 1,036,975 square feet connected via a three-story, 70-foot glass atrium. Overall the properties are approximately 75% leased to tenants including Bank of America, New York Life, HQ Global, Network Appliance and Palm Harbor Homes. Located at 15301, 15303 and 15305 North Dallas Parkway, The Colonnade is located in the Far North Dallas submarket between the President George Bush Turnpike and LBJ Freeway in Addison, approximately 12 miles north of Dallas's central business district.
Blackstone is a leading global alternative asset manager and provider of financial advisory services listed on the New York Stock Exchange (NYSE: BX) with total assets under management of $113.5 billion as of March 31, 2008.
CBRE Investors is a global real estate investment management firm with approximately $42 billion in assets under management. The firm sponsors investment programs across the risk/return spectrum for investors worldwide. During 2007 the firm made $11.7 billion of acquisitions in North America, Europe and Asia and completed $4.8 billion in dispositions.
HFF (NYSE: HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, note sales and note sale advisory services and commercial loan servicing.
Source: HFF
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