Big Richardson office building sale is a done deal

By Steve Brown | The Dallas Morning News

Three big office buildings in Richardson’s Telecom Corridor have been sold to a Dallas investor that’s already a major player in the market.


Champion Partners bought the 500,000-square-foot office complex from Bank of America, which occupies the buildings on Glenville Drive.


The properties are among a number of buildings around the country that Bank of America is hoping to sell. Terms of the deal were not disclosed.


“We took title to them yesterday,” Champion Partners managing partner Steve Modory said Wednesday. “It was a natural fit for us to go after them because it allowed us to consolidate the whole campus.”


Champion Partners bought an adjoining building in 2010 and recently leased it to State Farm Insurance.


Bank of America will continue to occupy the buildings on a long term lease.

Gary Carr and John Alvarado of CBRE Group brokered the sale.

The purchase is the largest Telecom Corridor building purchase in many months.


In 2010, Champion Partners purchased two nearby empty buildings from lenders who had foreclosed on the property.


Since then they have almost fully leased the properties.


For most of 2011, the investors hustled to round up tenants for the empty offices.


“We were wondering where all the leasing activity was and were out beating the bushes,” Modory said.


The Champion Partners building at 2600 N. Central Expressway is now 85 percent leased and 2370 Performance Drive went to State Farm.

State Farm is planning a 1.5 million square foot regional office complex in Richardson. And several other companies have recently signed leases in the Telecom Corridor. 
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