Provident Realty Snaps Up Dallas Office Campus
This Class A property was 69 percent leased at the time of sale.
Provident Realty Advisors has acquired Lakeside Campus, a two-building office campus spanning 807,354 square feet in Richardson, Texas, a Dallas submarket. Trigild sold the asset in a Newmark-brokered deal.
The complex came online in 1991. Since 2015, more than $13 million have been invested in property enhancements, including an upgraded lobby, fitness center, full-service café and tenant lounge.
The Class A property comprises a 16-story high-rise and a four-story building. Additionally, the campus features about 3,250 parking spaces and an 18-acre site with a landscaped pond and jogging trail, as well as a conference room and 65,000 square feet of data center space.
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Software company RealPage anchors the property that was 69 percent leased at the time of sale, with a weighted average lease term of 3.9 years. The roster also includes Ameriprise Financial, HH Architects and NexMetro Communities, according to CommercialEdge information.
Located at 2201 and 2221 Lakeside Blvd., the campus is adjacent to the Richardson Plaza shopping center. The DFW International Airport is some 24 miles away, while downtown Dallas is roughly 17 miles southwest.
Newmark Vice Chairmen Chris Murphy, Robert Hill and Gary Carr, along with Director Stephen Schwalb, represented the seller in the transaction.
Dallas office sales in the spotlight
Dallas-Fort Worth’s office investment volume year-to-date as of September reached almost $1.1 billion, ranking fourth nationally, according to a CommercialEdge office report. The metro was surpassed by the Bay Area ($1.8 billion), Washington, D.C. ($2.0 billion) and Manhattan ($2.7 billion). However, assets in the Metroplex traded for $128 per square foot on average, well below the $171 national figure.
In October, Pinnacle Bank Texas sold Burnett Plaza, Fort Worth’s tallest building. The 1.1 million-square-foot, 40-story tower came online in 1983 and was renovated in 2021.
More recently, Billingsley Co. sold International Business Park 8, 9 and 10, a three-asset, 304,099-square-foot office portfolio in Carrollton, Texas. The properties are part of a 300-acre mixed-use campus that comprises 13 office buildings, retail space and residential units.
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