Franklin Street Properties recently completed the sale of a 300,000-square-foot office building in Richardson to Goldenrod Cos. and Reserve Capital Partners. This transaction marks one of the first deals of its kind this year, as financing challenges have made such transactions less common compared to previous years.
The buyers intend to utilize the included 3.6 acres of land by constructing a mixed-use development on the site. They also plan to enhance both retail offerings and office amenities within the existing building.
According to Newmark, who facilitated the sale on behalf of Franklin Street Properties, at time time of purchase, approximately 85% percentof tenants were already occupying space within this eleven-story tower – primarily healthcare companies along with semiconductor and software firms.
This recent announcement highlights an uncommon occurrence in Dallas’ real estate market – an office property changing hands through a successful transaction without any involvement from Connect CRE or its affiliates.
