July 14, 2024

A Plano tower that just sold is now the second high-profile Dallas-area office sale in the last week.

The purchase of the One Legacy Circle office high-rise in West Plano’s Legacy business park comes at a time when few office buildings are changing hands.

The eight-story, more than 214,000-square-foot property on the Dallas North Tollway was built in 2008. It’s more than 70% leased to tenants including Morgan Stanley, Bread Financial and TBX Employee Benefits.

The building was sold by Franklin Street Partners to a real estate partnership represented by Dallas’ Gildenson Real Estate. Franklin Street owned the property since 2011.

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Terms of the sale were not disclosed. The tower is valued for property taxes at more than $55 million. Oklahoma-based Liberty National Bank provided the financing. The building last sold for almost $54 million.

Gildenson Real Estate was founded in 2017 by Mexico City-born businessman Eduardo Gildenson, who has handled both residential and commercial transactions.

The investment firm also has the 19-story Merit Tower near U.S. Highway 75 in the Park Central development.

CBRE Group marketed the One Legacy Circle building for sale. Russell Ingrum, Jared Chua, Patrick Benoist, Michael Dewey, Matt Murphy and Jennifer Joseph handled the transaction.

The Plano tower sale comes a week after downtown Dallas’ 1.2 million-square-foot Plaza of the Americas office and retail complex changed hands. The two-tower office complex with a retail atrium is the largest such transaction so far this year in North Texas.

Office building sales have slowed this year because of high interest rates and a leasing slowdown. Through the first three quarters of 2023, about $1.2 billion in D-FW office buildings had been purchased by investors.

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