Cushman & Wakefield (NYSE: CWK) recently announced that the real estate services firm served as the exclusive advisor to Taconic Capital Advisors in the procurement of $190,000,000 for the refinancing of International Plaza I & II in Farmers Branch, Texas. The five-year, floating rate loan was originated by CIM Group.
A Cushman & Wakefield Equity, Debt & Structured Finance team of Rob Rubano, Greg Napper and Brian Share represented the borrower.
“Taconic has done a great job of positioning the asset over the last two years, as evidenced by continued strong tenant demand for the building. The execution of their business plan has truly elevated International Plaza I & II as two of the more desirable buildings in Dallas,” said Rubano. “The ability for CIM to underwrite a whole loan financing of this size in the current market environment speaks to the quality of the asset and the strength of Taconic as a borrower.”
International Plaza I & II, located at 14201 N Dallas Parkway and 14221 N Dallas Parkway respectively, are two Class A office properties totaling over 780,000 square feet. The 13-story and 15-story campus-like high rises are one of the largest developments along the Dallas North Tollway.
After purchasing the asset in 2018, Taconic invested significant capital into state-of-the-art renovations, such as the upgrade and addition of over 46,000 square feet of amenities including a ground-floor café and bar with indoor and outdoor seating, a fitness center with locker rooms and towel service, an executive boardroom and 150-person conference center with pre-function gathering areas, a full-floor cafeteria and tenant lounges. The property has convenient access to the Dallas North Tollway and is minutes away from LBJ Freeway and President George Bush Turnpike.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
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