Cannon Commercial bought the Galleria Towers several years ago and has just sold them to a fund controlled by Los Angeles-based CBRE Global Investors. Galleria Towers are 1.4 million square feet in three class A office buildings surrounded by the Galleria Mall. Galleria Towers are at the intersection of the Dallas North Tollway and LBJ Freeway.
The deal is estimated to have closed in the $300 million range.
CBRE Global will add its signature Five-Star Worldwide service and amenity package in each building including conference facilities and a fitness center. The buildings are about 70% occupied so there is a lot of opportunity to find space there if you want it. FedEx Office is moving out of the 200,000 square feet it leased in Three Galleria Tower to move to its new offices in Plano’s Legacy Business Park across the street from where Toyota is building its new North American headquarters.
Bob Gibbons is a Real Estate Advisor & Tenant Advocate with REATA Commercial Realty, Inc. which is a tenant advisory firm based in Plano, Texas. Bob serves companies in Plano, Frisco, McKinney, Allen, Richardson, Addison, Dallas and the surrounding areas and specializes in companies which lease or buy office and warehouse properties.