Hines has announced that Hines Real Estate Investment Trust, Inc. (Hines REIT) has acquired the Citymark Building from Centex Office Citymark I, L.P., an affiliate of Centex Corporation. This is Hines REIT's most recent acquisition as it continues to assemble a diversified portfolio of high-quality office properties.
Citymark is an 11-story, 218,943-ft² office building located at 3100 McKinnon Street in Dallas' prestigious Uptown market near the world-famous Crescent Hotel and the new American Airlines Center. The building includes a three-story lobby, a full-service café and an attached parking garage. Designed by Thompson Associates, Citymark was completed in 1987.
The complex is currently 100% leased, with 76 percent leased to subsidiaries of Centex Corporation, the investment-grade-rated home building and commercial construction company that occupies the building as its headquarters for its construction, mortgage and title divisions.
"We believe the Citymark Building is an excellent acquisition for our portfolio," said Charles Hazen, president of Hines REIT. "In addition to having an outstanding tenant such as Centex, the building offers convenient access to the northern neighborhoods via the Dallas North Tollway, as well as access to the rich amenity base and upscale neighborhoods in and around the Uptown area."
Hines will provide property management and leasing services on behalf of Hines REIT.
Centex Office Citymark LP was represented in the sale by CBRE's Russell Ingrum and Eric Mackey. Hines REIT represented itself in the transaction.