Shinny Mirrored Office Building Sold to Cornerstone

March 21, 2011 / Elizabeth Buckley, Commercial Property Analyst

An office building in Dallas has been recently acquired by an insurance company investor — Cornerstone Real Estate Advisers. The office building, NorthPark Central tower, which is located on North Central Expressway at Northwest Highway, is a 20-storey Class A office tower, and was developed in 1984 by The Raymond D. Nasher Company, a real estate development company in Dallas, Texas.

Shinny Mirrored Office Building Sold to Cornerstone

Inline with the office property acquisition, an Atlanta real estate investment firm, Brookdale Group, has paid $13.6 million for the four-story office building located at Durham’s Imperial Center from Herndon, Virginia-based American Real Estate Partners.

The mirrored office building, NorthPark Central tower, is 90 percent leased to major and prime tenants including Gilsa Products — which creates many high-quality yogurt and dairy products, CF & Co. — one of the top certified public accounting firms in the Dallas/ Fort Worth Metroplex, and Richards Group — a Dallas-based branding and full service advertising agency.

Terms of the office building’s selling transaction were not disclosed.

Located at 8750 N. Central Expressway, the office building, with about 494,878 square feet of leasable office space that sat on a 3.75-acre site, which is conveniently situated near Dallas’ central downtown area, had also received an Energy Star from the Environmental Protection Agency or EPA.

Northpark Central is also located near Park Lane Place — a mixed-use development, Lincoln Park, Northpark Center — shopping center, and DART Park Lane Light Rail Station.

The insurance company investor, Cornerstone Real Estate Advisers, which is also an affiliate of Massachusetts Mutual Life Insurance Co, had also hired Transwestern’s Dallas office to manage and lease the office building.

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