Lone Star Funds announced that an affiliate of Lone Star Real Estate Fund VII, L.P. has completed the acquisition of Premier Place, a 20-story, 457,901-square-foot Class A office tower in Dallas. Financial terms of the transaction were not disclosed.
The recently renovated property is located near Highland Park, University Park, and Uptown, and features a renovated lobby, lounge and bar, courtyard, and a 62,000-square-foot Life Time Fitness, along with proximity to Mockingbird Station and access to the Dallas Area Rapid Transit system. The building offers flexible floor plans ranging from 800 to 21,000 square feet and maintains a strong tenant base amid what Lone Star described as attractive growth trends in the Dallas market.
Lone Star plans to implement an active asset management approach to enhance the property’s competitive positioning, while Glenstar will remain the property manager. Since its first fund in 1995, Lone Star has organized 26 private equity funds with aggregate capital commitments totaling approximately $96 billion.
KEY QUOTE:
“Premier Place represents an opportunity to acquire a high-quality office asset in Dallas that directly addresses demand being driven by continued population growth and corporate relocation momentum. We continue to see compelling opportunities to invest in well-located, institutional-quality properties where our disciplined investment approach and hands-on asset management capabilities can create long-term value.”
Jérôme Foulon, Global Head of Commercial Real Estate, Lone Star
