Pillar Commercial Buys West Dallas Office Asset

Bluffview Towers. Image courtesy of Pillar Commercial

Pillar Commercial has acquired Bluffview Towers, a nearly 200,000-square-foot Class A office property in Dallas, from Buchanan Street Partners. The transaction marks the buyer’s fifth property purchase through its investment vehicle dubbed Pillar Real Estate Fund I.

JLL represented the seller in the transaction and secured acquisition financing for the buyer. North Dallas Bank & Trust provided $32.6 million in senior debt offering for Pillar Commercial, according to Dallas County records.

Bluffview Towers last traded in 2016, when Buchanan Street Partners purchased it from Kajima, according to public records. The current seller funded that purchase with a 3-year, $23.5 million financing package originated by Zions Bank.

The current deal also marks the second transaction between the two parties in less than three years. In mid-2019, a joint venture between Buchanan Street Partners and Carval Investors sold another office asset, Richardson Office Center, totaling 240,000 square feet in Richardson, Texas, to Pillar Commercial.

Bluffview Towers

The multi-tenant property includes two buildings located on 8 acres at 3860 and 3890 W. Northwest Highway. Built in 1985, the seven-story property features floorplates between 17,538 and 18,719 square feet and a parking ratio of 3 spaces per 1,000 square feet. The office complex is within the West Dallas submarket, within 3 miles of Dallas Love Field Airport and less than 9 miles northwest of downtown Dallas.

The tenant roster includes the U.S. General Services Administration, HEB/Central Market, Sewell and JLB Partners, among others.

In 2021 through November, office transactions across the Metroplex amounted to nearly $2.5 billion, a sizable increase compared to the same period a year before, when the volume reached only $1.4 billion, according to CommercialEdge data.