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Richardson’s CityLine Office Complex on the Market
CityLine consists of four towers that amount to 2.3 million square feet. The Dallas Times says it’s the largest commercial property currently offered for sale in D-FW.
The development at Bush Turnpike and Plano Road last sold in 2016 for more than $800 million — one of the largest real estate purchases ever made in Dallas-Fort Worth.
Since then, the towers containing the regional offices of State Farm Insurance have been owned by a partnership consisting of Mirae Asset Global Investments and Houston-based Transwestern Investment Group. State Farm occupies the buildings on a long-term lease. Raytheon is also a prominent leasee. The building – which includes ground floor retail and a medical office – is 98% leased.
The towers are the centerpiece of the $1.6 billion CityLine development, a mixed-use project with offices, shops, apartments, townhomes and a hotel. CityLine is a project by Dallas-based developer KDC.
Commercial property firm Newmark Group is marketing the buildings for sale.
- ◦Sale/Acquisition
