Piedmont Sells Dallas Office Asset for $54M

Piedmont Office Realty Trust has sold One Lincoln Park, a 257,000-square-foot office building in Dallas, for $54 million or $210 per square foot, in an all-cash transaction.

Fintech company Triumph Financial purchased the property and intends to use it as its new headquarters, as reported by The Dallas Morning News. The building will be rebranded as One Triumph Place and Piedmont will be retained as property manager.

The seller plans to use the proceeds to pay off roughly $50 million in senior unsecured debt maturing in March. The asset previously traded in 2013 for $56.7 million, according to CommercialEdge data.

Completed in 1998, the 10-story building features 26,000-square-foot average floorplates and ground-floor retail. The LEED Gold-certified property was 59 percent leased at the end of 2023; tenants include Starr Insurance, Caelus Energy and Texas Financial Partners, the same source shows.

Triumph Financial is now headquartered at 12700 Park Central Drive. Following the purchase, the firm will occupy the One Lincoln Park’s existing vacancy—relocating more than 500 employees—and will slowly expand its presence in the building as current leases expire, Bisnow reported.

Metroplex office market contracts

Located at 8401 N. Central Expressway, One Lincoln Park is off Highway 75, roughly 8 miles north of downtown Dallas. It is also some 6 miles from the Dallas Love Field airport and adjacent to the NorthPark Center shopping mall.

Throughout 2023, more than 10 million square feet of office space changed hands in the Dallas-Fort Worth market across 69 sales, for a total of nearly $323 million, CommercialEdge data shows. These figures represent a considerable drop from the previous year, when 28 million square feet traded for an investment volume of more than $2.5 billion. Average per-square-foot prices also decreased from $200 to $118.