Transwestern, Mirae Under $825M Contract for State Farm’s Office

Houston-based Transwestern and South Korean investment manager Mirae Asset Global Investments are under contract to acquire four buildings within the State Farm Insurance Campus/CityLine development in Richardson, TX. The duo will pay $825 million for the buildings, which total 2.2-million-square feet.

The transaction will be the first in the southwest for the Seoul-based Mirae. According to Real Capital Analytics, the deal will be the largest in the region since 2013.  Bloomington, IL-based State Farm has reportedly been selling and leasing back its properties since 2013.

CityLine DFW is a 186-acre transit-oriented project being developed by KDC. The development is at the intersection of Central Expressway and President George Bush Turnpike, and features residential, office and retail developments.

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