Thomas Title & Escrow Partnership Buys 218,926-sf Dallas Office Building
Scottsdale, AZ (February 20, 2015) — Thomas Title & Escrow Partnership Buys 218,926-sf Dallas Office Building
A partnership formed by Bradford Property Co. and Scottsdale-based Thomas Title & Escrow has acquired Citymark Office Tower, a 218,926-sf class A property in Dallas’ prestigious Uptown submarket. The 3.7-acre Citymark at 3100 McKinnon is the only class A office tower with direct access to the Katy Trail on its northern property line. The just-bought property neighbors many of Uptown’s most desirable retail, restaurants, condominium towers and hotels. The seller was Hines Real Estate Investment Trust Inc.
Thomas Title, which expanded into Texas in 2012, and Bradford will move their respective Dallas offices to Citymark this year. The 11-story tower was 74% leased at sale time. The notable tenant mix includes Balfour Beatty Construction, Hospice Plus, Home Team Pest Defense, The Real Estate Council and Smith Seckman Reid Inc.
“Our continued growth in Texas requires more space, and we believed that investing in a building of our own would help create a ‘splash’ and signal our commitment to the Texas market,” said Frank W. Busch III, President and Chief Executive Officer of Thomas Title & Escrow. “In addition, having a convenient Uptown location on the Katy Trail with lots of nearby amenities will help us attract talented employees.”
The new owners will immediately begin implementing an extensive, multimillion-dollar repositioning and capital improvement program to further enhance this property. Plans call for upgrading the class A project’s fitness center, improving Katy Trail access and adding new outdoor space for events on the plaza deck. The owners intend to create a park-like setting that will be located four stories above the Katy Trail with southern corridor views to The Azure, the new Bleu Ciel high-rise condominium complex, and Victory Park. Gensler, a global design and architecture firm, has been tapped to oversee the repositioning. The asset includes a four-level parking garage and a half-acre development site near the entrance to the Dallas North Tollway.
About Thomas Title & Escrow
Thomas Title & Escrow is an innovative provider of title insurance, real estate settlement and escrow services for foreign and domestic transactions. With offices in Arizona and Texas, the company specializes in assisting clients with commercial transactions that require comprehensive experience and a high level of sophistication. The firm is an award-winning agent for multiple national underwriters and boasts a state-of-the-art online transaction management system that provides its clients with 24/7 file and document access. Visit thomastitle.com.