Cross Ocean, Lincoln Buy 1M-SF Dallas Offices, Plan $100M Makeover

Cross Ocean Partners and Lincoln have acquired The Colonnade, a three-tower, 1.08 million-square-foot office campus on 12.48 acres along the Dallas North Tollway between Belt Line Road and Arapaho Road. Fortis Property Group owned the property from 2013 until it defaulted on a $223 million loan in 2024, leading to receivership.

The joint venture is committing $100 million to reposition the iconic asset. The partnership plans to enhance the campus’s existing fitness center, conference facilities and glass atrium lounge with new amenities. New offerings will include an artisan coffee shop, tenant lounges, outdoor gathering spaces, a pickleball court, an indoor golf simulator and expanded dining options. The first phase of upgrades is expected to be delivered through 2027. Lincoln will provide leasing and management for the project and Jake Young, Christian Munoz and Hudson Dozier will lease the property.

The Colonnade marks Cross Ocean’s ninth U.S. office acquisition since 2024.