Source: CoStar Group
CB Richard Ellis Investors has acquired The Colonnade, a 1 million-square-foot office complex in Addision, TX, from a joint venture of The Blackstone Group and JPMorgan Asset Management. The price was not disclosed. However, CoStar reports that Equity Office Properties sold the complex for $153 million in May 2005 to a joint venture of CarrAmerica and JPMorgan Asset Management, according to CoStar information. CarrAmerica was bought by Blackstone two months later.
Source: Dallas Business Journal
The Colonnade is on North Dallas Parkway, between the President George Bush Turnpike and LBJ Freeway in Addison. The complex is comprised of three office towers totaling more than 1 million square feet connected via a three-story, 70-foot glass atrium. The properties are 75 percent leased to tenants including Bank of America, New York Life, HQ Global, Network Appliance and Palm Harbor Homes.
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