Rare Dallas Office Sale Announced

Franklin Street Properties has sold a 300,000-square-foot Richardson office building to Goldenrod Cos. and Reserve Capital Partners. The Dallas Business Journal reports the office property sale, one of the first deals of its type this year, comes at a time in which such deals have been much rarer than in previous years due to difficult financing conditions.

The two buyers plan to capitalize on 3.6 acres of unused land included in the sale by building a mixed-use development. The new buyers plan to add retail and upgrade the office environment of the existing building.

Newmark, who represented the seller in the deal, said the 11-story tower was 85% leased at the time of the sale to health care, semiconductor and software tenants.