Dallas Morning News
October 15, 2021
By Steve Brown
Talon Private Capital buys office building next to the Quadrangle.
The 2626 Cole office tower is located in Dallas’ Uptown district.(JLL )
A Seattle-area investor has purchased an Uptown Dallas office tower.
The 2626 Cole high-rise is across the street from Uptown’s landmark Quadrangle complex, which is about to undergo a significant redevelopment.
Bellevue, Wash.-based Talon Private Capital acquired the 121,000-square-foot, nine-story office, which was built in 1984.
The building was sold by Switzerland-based Partners Group and Accesso, which have owned the property since 2014.
A major overhaul was completed at the building in 2017, and it’s more than 90% leased.
New leases have recently been signed with new WorkSuites, Republic Editorial and Annandale Capital.
“We are very pleased with the significant value we were able to create at 2626 Cole as a result of our capital improvement program and hands-on property management,” John Rivard, chief investment officer for Accesso, said in a statement. “We plan to use the proceeds from the sale to continue adding scale to our portfolio in non-gateway cities across the U.S., including Dallas, and to reinvest in our existing assets.”
Andrew Levy, Todd Savage and Parker McCormack of Jones Lang LaSalle brokered the property sale.
The 2626 Cole building is next door to the Quadrangle, which is about to add a new office tower and additional retail space.
The Uptown transaction is the second recent Dallas-area sale by Accesso. The investor sold the Royal Ridge office center on John Carpenter Freeway in Irving in September.
Talon Private Capital is a commercial real estate private equity investment firm with a track record of more than $1 billion in deals. Most of its real estate holdings are in the Pacific Northwest.
Talon previously owned the 2525 McKinnon office building across from Uptown’s Crescent complex on Cedar Springs Road.
Cushman & Wakefield will manage the 2626 Cole building, and leasing will be handled by Thirty-Four Commercial.
The just-sold office tower is next door to the landmark Quadrangle complex.(JLL )