Lone Star Funds has acquired Premier Place, a 20-story office tower totaling 458,000 square feet at 5910 N. Central Expressway. The seller was Glenstar Properties, which previously purchased the property in 2019. A JLL team led by Jonathan Napper brokered the sale transaction between the two investment firms.
Premier Place is reported to be approximately 94% leased, indicating a largely stabilized rent roll at the time of sale. The tower serves as a sizable office asset in the local market, with occupancy levels that suggest tenants have continued to maintain space commitments in the building. While the current sale price was not disclosed, the Dallas Business Journal reports that the Dallas Central Appraisal District assesses the combined land and building value at $100.5 million for tax purposes.
Glenstar will remain involved with the asset post-sale, continuing to manage Premier Place on behalf of the new ownership. This ongoing property management role provides operational continuity following the transfer of ownership. On the leasing side, CBRE has been engaged to handle leasing responsibilities at the tower, positioning the brokerage to oversee tenant retention and any future leasing requirements.
Glenstar originally acquired Premier Place in 2019 in what was described as one of that year’s most expensive office transactions, with the deal at the time estimated at nearly $140 million. Real estate sources at the time also estimated that the property traded for approximately $313 per square foot, highlighting the building’s prior pricing benchmark in the local office investment market.
Since its acquisition, Glenstar has invested $15 million in upgrades to Premier Place. These capital improvements followed the property’s original delivery in 1985 by Rosewood Properties. The combination of a large floorplate tower, substantial historical investment, and a high occupancy level frames Premier Place as a notable office asset within Dallas’s commercial real estate landscape, even as the underlying transaction economics of the latest sale have not been publicly disclosed.
