DALLAS – KB Asset Management, a Seoul-based investment firm, has acquired The Union Dallas for a reported $370 million.
The Union Dallas is a three-building, 866,273-square-foot mixed-use development located in Uptown Dallas. The seller, RED Development, was represented by JLL. RED Development will retain a minority stake in the property and will continue to manage and lease the development.
JLL also arranged a five-year, fixed-rate acquisition loan through Goldman Sachs on behalf of the buyer.
KB Asset Management was advised during the transaction by HC2 Capital.
The Union Dallas combines office, residential, retail and restaurant space and benefits from its proximity to the Woodall Rodgers Freeway, the McKinney Avenue trolley and a DART rail station.
Completed in 2018, the office tower at The Union Dallas is 94.2 percent leased to tenants that include Salesforce, Akin Gump and Weaver.
Feb. 19, 2020 Realty News Report Copyright 2020
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