Foundry Commercial Acquires 18-Story, 464,289 Square-Foot Walnut Glen Tower in North Central Expressway Market
Posted on September 15, 2016
--Multi-city commercial real estate firm reaches one million square feet of purchased office space in Dallas following tower acquisition in the last 18 months--
DALLAS (Sept. 15, 2016) – Foundry Commercial announces today that it has acquired Walnut Glen Tower – a 464,289 square-foot, 18-story office tower located just north of Downtown Dallas on Central Expressway. The property is the headquarters location for numerous local companies.
Built in 1986, Walnut Glen has undergone multiple renovations over the past several years, with room for additional asset and amenity improvements. As the new owners of the asset, Foundry Commercial plans to implement a capital improvement plan totaling approximately four million dollars to further reposition the building to a modern Class A tower.
The property, which currently maintains an 83-percent occupancy rate, is located in the Central Expressway submarket – an area that is rapidly becoming a viable alternative for tenants relative to the Preston Center and Uptown submarkets, both of which have limited vacancy and rental rates that have skyrocketed in recent years.
The acquisition marks the second time Foundry Commercial has purchased an office building in Dallas in the last 90 days – and the third time office space was purchased by the company in the last 18 months – resulting in a cumulative investment of over $130 million and one million square-feet of office space in the area.
Intercontinental Real Estate Corporation, a Boston-based SEC Registered Investment Adviser with decades-long experience in real estate investment, finance, development, construction management and asset management, is the JV partner on the transaction.
“The Dallas market, as well as its surrounding areas, is experiencing an increasingly high demand for office space in close proximity to amenities,” said Jimmy Grisham, managing director and principal of development and investment at Foundry Commercial. “Acquiring high-demand assets like Walnut Glen has allowed us to fulfill some of these demands, while also finding unique solutions to issues affecting Dallas business owners.”
In 2015, the firm purchased the former Fossil Watch Headquarters located at 2280 North Greenville Avenue and completed a long-term lease for the building’s new tenant, GEICO, in June of that same year. This summer, Foundry Commercial also acquired Campbell Creek Office Park, a 317,000 square-foot creative office park in Richardson, which has been rebranded to Campbell Creek Pavilion.
About Foundry Commercial
Foundry Commercial is a full-service real estate services and investment company with 240 employees and more than 40 million square feet of management and leasing across the Southeast and Texas. Foundry provides corporate services, brokerage, leasing, building management and project management services, and is the largest real estate service provider to religious and not-for-profit organizations in the Country. Foundry also includes a development and investment platform that is fully integrated into its services business, leveraging its local market expertise to control more than $500 million in advantaged investment opportunities in partnership with its clients. Foundry Commercial was founded as CNL Commercial Real Estate in 2007 and launched as Foundry in 2015 through a management led buyout. For more information, visit www.foundrycommercial.com