Franklin Street Sells DFW Office Asset

February 1, 2024

Office Dallas Investment NewsMoreSouthwest

The property is under new ownership for the first time in more than two decades.

Franklin Street Properties has sold Collins Crossing, a 300,887-square-foot office building in Richardson, Texas, with the assistance of Newmark. The buyers, Goldenrod Cos. and Reserve Capital Partners, also acquired an adjacent 3.6-acre parcel, which will serve as the site of a mixed-use development.

Collins Crossing previously traded in 2003 for $46.6 million, when Franklin Street acquired the asset from a private owner, CommercialEdge information shows. The property was 85 percent leased at the time of the current sale.

The 11-story building came online in 1998 and features floorplates averaging 28,550 square feet, eight passenger elevators and more than 1,150 parking spaces, along with ground-floor retail. Other amenities consist of a fitness center, conference center, green space and café. Tenants comprise Childress Engineering Services, id Software, VCE and Argo Data Resource, according to CommercialEdge.

Collins Crossing is at 1500 N. Greenville Ave., within the Innovation Center hub, roughly 2 miles from Richardson Plaza. Downtown Dallas is 16 miles away, while Dallas-Fort Worth International Airport is 23 miles southeast. The property is also 12 miles from Parkway Centre IV, a 153,238-square-foot office building that traded earlier this month.

Recent office deals in the Metroplex

The Newmark team that worked on behalf of the seller included Vice Chairmen Gary Carr, Robert Hill and Chris Murphy. The trio also represented M-M Properties in the sale of Plaza of the Americas, a 1.2 million-square-foot office property in Dallas.

Last November, a joint venture between Mirae Asset Global Investments and Transwestern sold the office component of CityLine, a 2.2 million-square-foot mixed-use campus. That complex is some 3 miles from Collins Crossing.

According to the latest CommercialEdge office report, Dallas saw $2 billion in assets changing hands in 2023, being surpassed only by Washington, D.C. ($2.7 billion), Los Angeles ($2.4 billion) and Manhattan ($2.1 billion). The average price per square foot in the Metroplex last year was $209, slightly higher than the $196 national average.