Addison building sale adds to D-FW office transactions
An Addison tower is the latest Dallas-Fort Worth office building to change hands.
The seven-story, 117,173-square-foot building at 3939 Belt Line Road, east of Marsh Lane, was sold by a company represented by local real estate firm Pillar Commercial. An Irving investor bought the property.
Constructed in 1984, the building was fully leased at the time of the off-market sale.
“We continue to see a rise in activity from cross-asset buyers and private investors for Class B office space,” Cody Payne, a senior vice president at Colliers International who arranged the sale, said in a statement. “The last few that we recently sold were done within a week or less of marketing and had multiple competing offers.”
The building that sold is in an area with retail and restaurants as well as housing under construction.
North Texas office building sales slowed significantly during the first year of the COVID-19 pandemic as workers were sent home. But in the past six months, sales of D-FW office buildings have surged.
The D-FW area led the country in commercial property investment sales in 2021 with almost $47 billion in purchases.