Talon Private Capital has purchased an Uptown Dallas office tower. Talon Private Capital is a commercial real estate private equity investment firm based in Bellevue, Washington. The investment firm has a track record of more than $1 billion in deals, with most of its real estate holdings located in the Pacific Northwest.
Talon Capital acquired the 121,000 square-foot, nine-story office from Florida-based Partners Group Accesso, which has owned the property since 2014.
The 2626 Cole high-rise is located across the street from Uptown’s landmark Quadrangle complex, which will add a new office tower and additional retail space.
The building saw a significant overhaul in 2017 and is currently more than 90% leased. New leases were signed with WorkSuites, Annandale Capital, and Republic Editorial.
John Rivard, chief investment officer for Accesso, released a statement addressing the sale.
“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,” he said in the 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 served as brokers in the property sale. Cushman & Wakefield will manage the building, while Thirty-Four Commercial will handle the leasing.
The Uptown sale is the second recent Dallas-area sale by Accesso. Earlier in September, Accesso sold the Royal Ridge office center on John Carpenter Freeway in Irving.