The 1.39 million square foot office campus left vacant after American Airlines moved into its new $350 million Skyview Office Complex has sold.
The investment sales and mortgage finance team with Transwestern Real Estate Services executed the three buildings and will take over leasing and property management on behalf of the new ownership.
Transwestern Managing Director Mike Hardage facilitated the transaction to Austin-based Capital Commercial Investments Inc. in conjunction with Troy Barron from Weston Commercial Real Estate. Transwestern Principals Alan Harrington and Steve McCoy, and Senior Analyst Brooks Creech, provided additional support. The sale price was not disclosed.
Cushman & Wakefield served as the adviser to Capital Commercial Investments in the procurement of just over $59 million for the financing and acquisition of American Airlines’ former headquarters at DFW International Airport. The loan was provided by Houston-based Boxer Property.
“We are pleased Capital Commercial Investments saw the immense value in this iconic property,” said Hardage. “Dallas-Fort Worth has a prolific track record as a top U.S. metro for corporate relocations. As the former home of American Airlines, a renowned Fortune 500 company, the opportunity to acquire an airport-peripheral office campus within one of the world’s most dynamic economies was very compelling.”
The 40-acre campus, which also includes 6.33 acres of undeveloped land, is one of the few large blocks of contiguous space in DFW. It is located at 4333, 4255, and 4151 Amon Carter Blvd. in Fort Worth, three miles from Dallas-Fort Worth International Airport.
The buildings feature irregular dodecagon-shaped floorplates with four wings of office space affording an unrivaled 12 sides of glass windows. Additionally, the property has an underground pedestrian tunnel connecting all three buildings.
Before the sale, Transwestern’s in-house engineering and capital markets experts collaborated to identify the property’s maintenance needs and explore options for debt and equity underwriting. With the purchase, Capital Commercial Investments plans to renovate the entrance lobbies, build-out model suites, and common areas, as well as enhance existing lighting throughout the buildings.
“Capital Commercial Investments is well-positioned to meet its goal of filling the buildings with large tenants that are looking for exposure to both Dallas and Fort Worth labor markets,” said Hardage. “The company did an outstanding job of executing the acquisition given the unusual economic circumstances.”
Transwestern’s Duane Henley and Nathan Durham will provide leasing services, with property management led by Becky Dennis.
Cushman and Wakefield’s John Alascio and Christopher Moyer represented CCI in the transaction.
