BENTLEYFORBES COMPLETES ACQUISITION OF FOUR CLASS A OFFICE BUILDINGS TOTALING 721,351 SQUARE FEET IN DALLAS, TEXAS
DALLAS, TX (May 23, 2005) – BentleyForbes, an established national commercial real estate investment firm approaching nearly $2 billion in completed transactions since its founding, has completed the purchase of four buildings totaling 721,351 square feet of Class A office space in the Preston Center submarket, announced David W. Cobb, the firm’s president and CEO. According to Cobb, BentleyForbes acquired the buildings in a single transaction from an Equity Office joint venture partnership. BentleyForbes will also act as property manager, utilizing Cushman & Wakefield of Texas, Inc. as its on-site management and leasing agent. "BentleyForbes is very interested in the Dallas metro as we grow our national portfolio of commercial real estate properties, and we will continue to review and pursue investments in the region," said Cobb. "Preston Commons and Sterling Plaza are Class A in quality and well tenanted. The historical strength and diversity of the regional economy, coupled with the strategic location of the properties in a submarket with high barriers to entry from competing new development, indicated to us that these properties are well positioned to provide value for years to come." Cobb notes that this purchase agreement also demonstrates the firm’s interest in multi-tenanted Class A office properties in major MSAs across the nation. In the past, BentleyForbes has achieved international recognition for expertise in single tenant property acquisitions, known as sale-leaseback or net lease transactions, where the property is leased exclusively to one tenant. Expanding its acquisition criteria to include multi-tenanted assets is directly tied to the firm’s desire to strategically expand its portfolio of commercial real estate properties. The firm is an active investor in the Class A office, high quality industrial/warehouse and trophy retail property categories. Preston Commons is a three-building property featuring more than 418,604 square feet of office space. The campus has direct access to the Dallas North Tollway, Northwest Highway, Preston Road and all major business and transportation centers. Each building features exteriors of red/pink concrete and limestone panels, and reflective glass. Sterling Plaza is a 19-story Class A office tower
featuring more than 302,747 square feet of Class A office space.
The building features anodized aluminum facings with view and spandrel
glass. The large lobby is finished in natural and polished granite
with a granite security console. The building features dramatic views
of downtown Dallas to the south and affluent neighborhoods in all
four directions. Sterling Plaza is located midway between Dallas'
central business district and North Dallas, and located at the southeast
quadrant of the North Dallas Tollway and Northwest Highway (Loop
12). |
