Downtown Dallas' landmark Plaza of the America's office and atrium retail complex has sold to New York investor Shelbourne Co.
The landmark 1.2 million-square-foot office and retail center goes to a New York investor.Dallas’ Plaza of the Americas - a three-building high-rise complex considered downtown’s first mixed-use development - has sold to a New York investor.is the largest office building purchase this year in North Texas. The complex includes two 25-story office buildings and a shopping center at the bottom of a 15-story atrium. The attached more than 400-room hotel was not part of the sale.
Since 2011, Plaza of the Americas has been owned by M-M Properties and Invesco Real Estate. The investors paid an estimated $100 million for the Plaza of the Americas — about what it originally cost to build — then spent an estimated $26 million in renovations. The redo of the atrium in 2013 replaced the ice rink with an almost 1-acre garden area with eating and gathering spaces for employees in the project’s office buildings.Christus Healthcare has finished it's high-rise headquarters in Las Colinas - the largest such project in the Irving development in decades.Dallas-based Invitation Homes is taking over management of more than 8,500 homes owned by Starwood Capital Group, according to a letter viewed by Bloomberg.
The building is more than 60% leased with major tenants including the Federal Deposit Insurance Corp. and Capital One. Buyer Shelbourne manages more than 8 million square feet of commercial real estate totaling more than $8 billion in value.The investor has extensive office holdings in New Jersey, Connecticut, Ohio and Delaware. Shelbourne also owns an office complex in suburban Tulsa.World Series T-shirts on sale tonight in either Dallas or Houston — but not both
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