A 24-story office tower at LBJ Freeway and the Dallas North Tollway has a new owner.
Estein USA and Vanderbilt Office Properties acquired Pinnacle Tower from New York Life earlier this month. The purchase price was not disclosed, but the partnership secured a $100 million mortgage loan from Goldman Sachs to fund the deal, records show.
Calls to Estein USA and Vanderbilt representatives were not returned before publication.
The roughly 550,000-square-foot tower in Farmers Branch is 88% leased. JLL Senior Managing Director Blake Shipley, Managing Director Gini Rounsaville and Senior Vice President Ashley Curry will handle office leasing for the property located at 5005 LBJ Freeway.
D-FW Real Estate News
“Pinnacle Tower’s strategic location at the epicenter of Dallas’ incredible growth story is what sets it apart from other offerings,” Lance Fair, COO and CIO at Estein USA, said in a statement. “Its sustained ability to attract and retain corporate users is a testament to a level of excellence that withstands the test of time.”
The tower was built in the late 1980s. New York Life Investors and Dallas’ Encore Enterprises acquired the property in 2016 for about $95 million.
The owners then spent $9 million on major renovations to the property. The high-rise was previously called Occidental Tower.
The property is one of several high-rise office towers to change hands in recent months.
In December, Crescent Real Estate purchased the 19-story high-rise at 2100 McKinney Ave. from the seller, a joint partnership between Metropolitan Life Insurance Co. and New York Common Fund.
The sales price wasn’t disclosed, but Crescent obtained $170.4 million in loans to fund the deal, records show.
Crescent also purchased the Texas Capital Center at 2000 McKinney Ave. in October from German-based seller Union Investment.
The tower sold for just shy of $300 million. It was the largest office transaction last year in Dallas-Fort Worth.