posted on November 04, 2010 20:42
Three Galleria office buildings have been put on the market, and they're expected to fetch more than $300 million altogether.
Commercial real estate firm Jones Lang LaSalle's capital markets team has been hired by the buildings' owner, California-based Cannon Commercial, to market Galleria Towers I, II & III for sale. The more than 1.4 million-square-foot tower trio is expected to sell for more than $300 million, according to JLL.
John Alvarado, Jack Crews and Evan Stone, managing directors at JLL, will lead the sales effort.
The Galleria Towers' occupancy rate is about 90 percent, Alvarado said. The sale offers investors a chance to acquire a property that's expected to trade below its estimated replacement cost of $350 per square foot, he said.
"We expect Galleria Towers to garner significant interest from investors all over the world," Alvarado said.
The towers were built between 1981 and 1990 and range in size from 24 to 26 floors.
11/3/10, Dallas Business Journal, Bill Hethcock