Seattle area investor takes Uptown Dallas tower

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A Seattle investor has bought an office tower in Uptown Dallas.

The 2626 Cole skyscraper is across from Uptown’s landmark Quadrangle complex, which is about to undergo major renovation.

Talon Private Capital, headquartered in Bellevue, Washington, acquired the 121,000-square-foot, nine-story office built in 1984.

The building was sold by Florida-based Partners Group and Accesso, who have owned the property since 2014.

The building was extensively renovated in 2017 and is over 90% let.

New leases were recently signed with new WorkSuites, Republic Editorial and Annandale Capital.

“We are delighted with the significant value we have created at 2626 Cole as a result of our capital improvement program and convenient property management,” said John Rivard, Accesso’s chief investment officer, in a statement. “We plan to use the proceeds from the sale to further grow our portfolio in non-gateway cities in the US, including Dallas, and to reinvest in our existing assets.”

Andrew Levy, Todd Savage and Parker McCormack of Jones Lang LaSalle brokered the property sale.

The 2626 Cole building is adjacent to the Quadrangle, which will add a new office tower and additional retail space.

The Uptown transaction is the second recent Accesso sale in the Dallas area. In September the investor sold the Royal Ridge office complex on John Carpenter Freeway in Irving.

Talon Private Capital is a private equity commercial real estate investment firm with a track record of more than $ 1 billion in transactions. Most of its real estate holdings are in the Pacific Northwest.

Talon previously owned the 2525 McKinnon office building across from Uptown’s Crescent complex on Cedar Springs Road.

Cushman & Wakefield will manage the 2626 Cole building and the rental will be handled by Thirty-Four Commercial.

The office tower that has just been sold is located next to the landmark Quadrangle complex.(JLL)