MoxieBridge Buys 169K-SF Midtown Office Center

Private equity real estate investment firm MoxieBridge acquired Midtown Office Center, a two-building, 169,808-square-foot office campus situated across from the new, mixed-use Dallas Midtown project. The Dallas-based buyer struck a deal to buy the 1980s property from Fortress, which had taken on the asset in 2018 as a special servicer, after prior ownership gave it back to the bank.

According to the buyer, the campus at 5710 and 5728 LBJ Fwy. (Interstate 635) provided an opportunity to acquire an off-market asset with significant value-add potential. Planned improvements will include a modern fitness facility and upgraded shower accommodations, on-site wine lockers, an executive conference room, semi-full-service lounge/bar area and improved on-site operations. Paladin Partners was retained to oversee property management and leasing activities.

Midtown Office Center was less than 10% occupied at time of sale, but MoxieBridge secured nearly 50,000 square feet of pre-leasing activity. The company anticipates activity to increase once renovations begin.

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