DALLAS – March 9, 2015 –CBRE Capital Markets announces the sale of 250 East Arapaho, a recently renovated, single-tenant office building in Richardson, Texas’ Telecom Corridor. The fully leased asset is comprised of a two-story building with 155,984 net rentable square feet and 1,140 surface parking spaces, providing an above-market parking ratio of 7.3/1,000.
“250 East Arapaho presented a compelling opportunity for stable and predictable cash flow,” said Mr. Mackey, Senior Vice President at CBRE. “The building’s significant capital improvements, its prominent and credit-worthy tenant, and exceptional location within a highly-desired corporate neighborhood made it very attractive to investors.”
250 East Arapaho has been exceptionally well maintained, resulting in a high-quality asset with limited capital exposure. Recent improvements include a renovated lobby and courtyard area, new HVAC units, updated energy management systems and controls, and ADA-compliant restroom renovations among others.
Richardson’s renowned Telecom Corridor is the second-largest employment center in Dallas/Fort Worth, trailing only the Dallas CBD in number of people employed. Over the last three years, it has been one of Dallas’ top performing office submarkets. Richardson encompasses a large concentration of high-profile global corporations that benefit from the submarket’s surrounding family-friendly residential neighborhoods, highly rated public schools, abundant retail, and superb infrastructure. The submarket has been selected by numerous quality corporate tenants for its exceptional regional access, convenience to a well-educated, abundant workforce and proximity to other quality firms.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.