In a joint venture, M-M Properties and Invesco Real Estate announced the acquisition of the Plaza of the Americas in Dallas, Texas. The 1.2 million square foot property is located in the central business district (CBD) of Dallas.
Developed in 1980, the Plaza of the Americas consists of two 25-story office buildings, a Marriott hotel, 12-story parking garage, and a 13-story atrium that can accommodate 140,000 square feet of restaurant and retail space. It is located in the northwest quadrant of the Dallas central business district and is located next to the Pearl Streat light rail station and the Dallas Arts District.
Invesco is a real estate investment company that managed 43.7 billion of real estate investments around the world, with 320 employees and 16 offices in the U.S., Europe, and Asia. M-M Properties has engaged in a wide range of real estate investments totaling $8.5 billion, which includes 30 million square feet of office property and over 17,000 multifamily units. M-M Properties owns and manages 3 million square feet of property in the CBD of Dallas. Holliday Fenoglio Fowler (HFF), which provides commercial capital market and real estate services, represented the seller in this transaction for an undisclosed amount.
The original cost of the Plaza of the Americas was $100 million when it was built in 1980. It was sold and renovated in 1990 and has become the focal point for the Dallas Pedestrian Network. Sky bridges connect the Plaza with Sheraton Dallas Hotel, Chase Tower, and Bryan Tower.
Feature image, courtesy: Dfwcre8tive.