LOS ANGELES – September 21, 2015 – CBRE Strategic Partners U.S. Value 7 has acquired Galleria Towers, an iconic 1.4 million square foot, three-building Class A office complex in Dallas, Texas.
Galleria Towers is located at 13355, 13455 and 13155 Noel Road, adjacent to the Galleria Mall, one of Dallas’ premier shopping destinations. The property offers excellent freeway access at the intersection of the North Dallas Tollway and LBJ Freeway, which serves as the geographic center of economic activity in the metro area for employees commuting from all directions.
CBRE Global Investors plans to invest heavily in the property adding its signature 5-Star Worldwide service and amenity program, including conference facilities, a fitness center, and enhanced on-site tenant amenities, in each building. Galleria Towers will be well-positioned to appeal to tenants from multiple submarkets because of its location, the substantial capital improvements planned, and one-of-a-kind amenities offered in the complex.
With its diversification and low cost structure, the Dallas economy is rapidly expanding as all major sectors add jobs. Over the next five years, total employment in Dallas is projected to increase by a very strong 2.5 percent annually, much faster than the 1.3 percent national average.
“Dallas, which is a target market for Strategic Partners U.S., has been one of the better performing office markets in recent years,” said Vance Maddocks, President of CBRE Strategic Partners U.S. “Companies continue to relocate to Dallas, citing lower costs of doing business as well as proximity to transportation infrastructure, and the expansion of the LBJ Expressway will benefit access to this property.”
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $88.4 billion in assets under management* as of June 30, 2015. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment firm for the benefit of its investors. CBRE Group, Inc. has more than 70,000 employees in more than 400 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of investments in real estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.