One of the most prominent office towers in Dallas, and North Texas as a whole, was recently purchased by commercial property firm Bradford Commercial Real Estate Services.
The 16-story business center, known as the Meadow Park Tower, was constructed in 1987 and has over 260,00 square feet in office space. It is located at North Central Expressway and Meadow Road.
According to the Dallas Morning News, this sale marks real estate company Colliers International’s fourth recent brokerage near U.S. Highway 75. The investor had owned the tower since 2018.
Along with Meadow Tower, Colliers also manages the Search Plaza on North Central Expressway.
Creighton Stark, an associate with Colliers, mentioned in a statement regarding the sale, “This has been a tremendous opportunity to transact on several notable properties in a rapidly changing submarket of the Dallas marketplace.”
No information is yet available on the terms of the sale.
Bradford, the new owner, aims to renovate the high-rise with an $8 million budget.
Among the occupants in the tower are the Witherite Law Firm, Hallwood Group, General Health Care, and Alston Construction.
The CEO of Colliers, Kevin Santaularia, said in a statement, “Bradford and its partners are excited about the acquisition and potential of Meadow Park Tower, which will ultimately be our new corporate headquarters. Bradford is always looking for high-quality real estate investments across D-FW on a limited and selective basis.”
As recently reported by The Dallas Express, building sales have increased in the DFW area. More investors are anticipated to make purchases in 2022, continuing the upward trajectory in leasing activity growth.