City Office REIT has announced the acquisition of The Terraces, a premier office building in a top submarket of Dallas, Texas, for $133.5 million.
The 173,000 square foot LEED Gold property is the newest office building in an exceptional location. The Terraces is situated in the highly desirable Preston Center submarket, known for its walkability, concentration of high-end retail and fine dining and close proximity to Dallas’ most prestigious residential neighborhoods.
The building was delivered in 2017 with a full suite of amenities, including a state-of-the-art fitness center, rooftop deck, barista, full-service deli and a conference facility. The property’s tiered building structure creates multiple outdoor terraces for exclusive tenant use. The Terraces is 99% leased to a diverse tenant base, with a weighted average lease term remaining of approximately 8 years.
“Expanding in Dallas’ strongest and highest barrier to entry markets has been a priority,” commented James Farrar, the Company’s Chief Executive Officer. “The acquisition of The Terraces in Preston Center aligns with our focus on acquiring superior properties with long-term cash flow in the most desirable submarkets. The amenity package, high-end tenant suites and prime location make The Terraces one of Dallas’ top office properties. The fully leased building provides cash flow stability with future growth in the center of one of Texas’ wealthiest neighborhoods.”