US office space – Executive Suites in the USA

Hines have repurchased a Plano office complex.

A commercial real estate trust has bought an office complex in Texas, despite selling the commercial property only eight years ago.

Hines has bought a seven story office plaza in Plano, eight years after the original deal to sell the commercial property from the Hines office portfolio was sanctioned.

The commercial complex is based close to Dallas and offers Hines 215,000 square feet of commercial office space, with an adjacent 12 acre parcel of land also thrown in as part of the deal.

Originally Hines owned and developed the prized Plano commercial property when it originally entered the company’s portfolio in 2001, however the company opted to sell the plaza and the class A Texas commercial office tower it built in 2004. They made $53 million from the sale, an $11 million increase on their outlay and still managed the class A office skyscraper until 2006.

J.P. Morgan offered financial assistance for Hines but refused to confirm how much money was put forward for the deal to go through as part of the agreement.

Ran Holman, a vice president of Hines said: “Since Hines developed the asset, we know it inside and out, and with this opportunity to reposition it for multi-tenant use, we believe it will be well-received in the market.”

Hines have agreed in principle to work with Cassidy Turley to fill up the Plano office space, with the tenancy roster having potential despite Dallas being a competitive market.

Dallas’ office submarket has been recovering of late with Far North Dallas, Uptown and Preston Center being the main areas which have prospered.

This entry was posted on Friday, February 3rd, 2012 at 9:00 am and is filed under News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.