California investor takes new Plano office campus

A San Francisco-based property investor and developer has snapped up a new Plano office campus.

Drawbridge Realty Trust has bought the HQ53 office constructing on Headquarters Drive in Legacy enterprise park.

Completed in 2021 by developer Cawley Partners, the 248,861-square-foot constructing at 5301 Headquarters Drive homes the headquarters for Aimbridge Hospitality.

The resort firm moved into the property after it was accomplished final 12 months.

“HQ53 is a newly constructed headquarters facility leased to a high-quality corporate tenant in one of the strongest headquarters submarkets in the country and perfectly complements our growing portfolio,” Charlie McEachron, Drawbridge Realty chief working officer, stated in an announcement.

The office middle features a health middle, convention middle and a floor ground patio lounge. The constructing was designed by Dallas architect BOKA Powell.

Aimbridge manages a portfolio of greater than 1,400 resorts in 49 states and 20 nations.

Newmark Group’s Chris Murphy, Gary Carr, Robert Hill and Chris Tagen brokered the sale.

Terms of the sale weren’t disclosed. But the property was anticipated to fetch $130 million at sale.

The Plano buy is Drawbridge Realty Trust’s first acquisition in North Texas. The firm owns 4 places of work within the Austin space.

Founded in 1999, the investor targets places of work in U.S. development markets leased long-term to massive companies. The firm has a observe file of funding companions together with New York-based KKR and Ohio-based Townsend Group.

The Plano buy is Drawbridge’s second main purchase within the final two months. The investor made a $106 million buy of a 223,000-square-foot Denver-area constructing that’s leased to Arrow Electronics in April.

Drawbridge accomplished a $1.7 billion portfolio recapitalization with Global Atlantic, a subsidiary of KKR, within the first quarter of this 12 months.

The HQ53 constructing is the most recent Plano office constructing to vary fingers.

St. Louis-based Larson Capital Management simply acquired the Lincoln Legacy Two constructing on the Dallas North Tollway. And Philadelphia-based actual property funding advisor Rubenstein Partners bought a 250,000-square-foot Legacy enterprise park office constructing from Pepsico in March. And in December, Chicago-based investor Ventas Inc. purchased the greater than 100,000-square-foot Parkside on Legacy office constructing in Legacy enterprise park. The property is simply east of the Dallas North Tollway.

North Texas office gross sales have surged within the final six months. Through the primary quarter, greater than $1.1 billion in D-FW office properties has modified fingers.