Dallas Tower Purchased for $218 Million

In Dallas, Cousins Properties has purchased The Link at Uptown office tower for $218 million, the highest sales price paid for a Dallas office building this year, as stated by the Newmark real estate firm.

The 25-story building, 2602 Olive Street in Uptown, was completed in 2021. The sales price translated to $747 per SF.

“This transaction is a resounding endorsement for Dallas-Fort Worth and a clear indicator of the market’s strength,” said Newmark’s Chris Murphy. “The outcome achieved here underscores investor conviction for best-in-class office and is a testament to the exceptional quality of the product delivered by our client, Kaizen. We look forward to the continued stewardship and success that The Link will experience under the new ownership of Cousins, one of the most respected and successful public REITs in the world today.”

Newmark Vice Chairmen Chris Murphy, Robert Hill and Gary Carr and Director Austin Sheahan arranged the transaction on behalf of the seller, Kaizen Development Partners. Newmark Executive Vice Chairman and Head of International Capital Markets Alex Foshay also supported the transaction, which marks a new high sales price paid for the Dallas-Fort Worth area this year. The sale comes less than three weeks following the previous high watermark that was set through a Newmark-led sale process for Sterling Plaza.

The buyer Cousins Properties, with shares traded on the New York Stock Exchange, is a real estate investment trust headquartered in Atlanta. The firm has invested in Texas office properties for years. Around the first of the year, Cousins reported it was acquiring the 35-story Google building in Austin for $521.8 million.

Built in 2021 the Link at Uptown totals 292,000 SF with unobstructed, panoramic views in all directions. The property includes a diverse tenant base that spans multiple industries, with notable occupants including Houlihan Lokey, PMG and McGuireWoods. All of the property’s leases were signed post-pandemic, with significant opportunity for future rent growth.

Earlier this summer, another major Dallas office purchase was handled by Newmark. Shorenstein Investment Advisers purchased Sterling Plaza, a 19-story, 320,000-SF office building at 5949 Sherry Lane in the Preston Center submarket in Dallas. The seller, KBS Real EstateI nvestment Trust III, had owned the property since 2013.

In Houston, a Dallas firm purchased a 41-story Galleria area tower earlier this year.