{"id":26565,"date":"2020-02-20T15:56:29","date_gmt":"2020-02-20T13:56:29","guid":{"rendered":"https:\/\/www.commercialcafe.com\/blog\/?p=26565"},"modified":"2025-07-22T14:36:47","modified_gmt":"2025-07-22T11:36:47","slug":"dallas-galleria-office-towers-sale-2020","status":"publish","type":"post","link":"https:\/\/www.commercialcafe.com\/blog\/dallas-galleria-office-towers-sale-2020\/","title":{"rendered":"Dallas Galleria Office Towers Sell for $400 Million"},"content":{"rendered":"<p>Piedmont Office Realty Trust has completed the acquisition of Dallas\u2019 distinctive Galleria office towers. The three buildings commanded $396 million, marking the largest Dallas-Fort Worth <a href=\"https:\/\/www.commercialcafe.com\/blog\/top-50-us-office-sales-2019\/\" target=\"_blank\" rel=\"noopener noreferrer\">office sale of the year<\/a> so far. CBRE Global Investors was the seller. The transaction also included associated parking garages, as well as a 1.9-acre parcel of land located at the intersection of Noel and Alpha roads.<\/p>\n<p>One, Two and Three Galleria together encompass more than 1.4 million square feet of Class A North Central Dallas office space. CBRE had purchased the property in 2015 for $300 million; in 2017, it completed a $25 million upgrade and cosmetic renovations program. As a result, all three buildings are now LEED-certified. At the time of sale, the towers were more than 90% leased, with tenants including Hospital Corp. of America; planning and design engineering consultancy firm Kimley-Horn; media marketing company Ansira Partners; and Amazon.<\/p>\n<h2>Galleria Dallas \u2013 Property Profile<\/h2>\n<p>The three office buildings are seamlessly integrated into the Galleria master-planned development through sky bridges that lead into the mixed-use amenity base. The complex includes Galleria Dallas\u2014a 1.5-million-square-foot, super-regional shopping mall and a 448-key Westin hotel.<\/p>\n<h3><a href=\"https:\/\/www.commercialcafe.com\/commercial-property\/us\/tx\/dallas\/one-galleria-tower\/\" target=\"_blank\" rel=\"noopener noreferrer\">One Galleria Tower<\/a><\/h3>\n<ul>\n<li>Address: 13355 Noel Road, Dallas<\/li>\n<li>Size: 25 stories; 464,030 total square feet<\/li>\n<li>Spaces: floorplates are roughly 24,000 square feet<\/li>\n<li>Perks: on-site conference center, fitness center, controlled access and multi-level parking with 1,392 spaces<\/li>\n<\/ul>\n<div id=\"attachment_26566\" style=\"width: 650px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/YM_One_Galleria_Dallas.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-26566\" class=\"size-full wp-image-26566\" src=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/YM_One_Galleria_Dallas.jpg\" alt=\"one galleria tower dallas\" width=\"640\" height=\"800\" srcset=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/YM_One_Galleria_Dallas.jpg 640w, https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/YM_One_Galleria_Dallas.jpg?resize=120,150 120w, https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/YM_One_Galleria_Dallas.jpg?resize=240,300 240w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/a><p id=\"caption-attachment-26566\" class=\"wp-caption-text\">One Galleria office tower, Dallas<\/p><\/div>\n<h3><a href=\"https:\/\/www.commercialcafe.com\/commercial-property\/us\/tx\/dallas\/two-galleria-tower\/\" target=\"_blank\" rel=\"noopener noreferrer\">Two Galleria Tower<\/a><\/h3>\n<ul>\n<li>Address: 13455 Noel Road, Dallas<\/li>\n<li>Size: 24 stories; 432,481 total square feet<\/li>\n<li>Spaces: floorplates are roughly 23,500 square feet;<\/li>\n<li>Perks: on-site conference center, access to fitness center at One Galleria and multi-level parking with 1,297 spaces<\/li>\n<\/ul>\n<div id=\"attachment_26569\" style=\"width: 650px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/YM_Two_Galleria_Dallas.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-26569\" class=\"size-full wp-image-26569\" src=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/YM_Two_Galleria_Dallas.jpg\" alt=\"two galleria office tower dallas\" width=\"640\" height=\"800\" srcset=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/YM_Two_Galleria_Dallas.jpg 640w, https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/YM_Two_Galleria_Dallas.jpg?resize=120,150 120w, https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/YM_Two_Galleria_Dallas.jpg?resize=240,300 240w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/a><p id=\"caption-attachment-26569\" class=\"wp-caption-text\">Two Galleria tower, Dallas<\/p><\/div>\n<h3><a href=\"https:\/\/www.commercialcafe.com\/commercial-property\/us\/tx\/dallas\/three-galleria-tower\/\" target=\"_blank\" rel=\"noopener noreferrer\">Three Galleria Tower<\/a><\/h3>\n<ul>\n<li>Address: 13155 Noel Road, Dallas<\/li>\n<li>Size: 26 stories; 533,419 total square feet<\/li>\n<li>Spaces: floorplates are roughly 22,300 square feet<\/li>\n<li>Perks: on-site conference center, access to fitness center at One Galleria, street exposure to Dallas North Tollway and Lyndon B. Johnson Freeway, and multi-level parking with 1,600 spaces<\/li>\n<\/ul>\n<div id=\"attachment_26568\" style=\"width: 650px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/YM_Three_Galleria_Dallas.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-26568\" class=\"size-full wp-image-26568\" src=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/YM_Three_Galleria_Dallas.jpg\" alt=\"three galleria office tower, dallas\" width=\"640\" height=\"800\" srcset=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/YM_Three_Galleria_Dallas.jpg 640w, https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/YM_Three_Galleria_Dallas.jpg?resize=120,150 120w, https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/YM_Three_Galleria_Dallas.jpg?resize=240,300 240w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/a><p id=\"caption-attachment-26568\" class=\"wp-caption-text\">Three Galleria tower, Dallas<\/p><\/div>\n<h2>Piedmont Now Owns Entire Galleria Portfolio<\/h2>\n<p>Last year, the REIT paid $231 million for two Galleria towers in Atlanta\u2014the Galleria 400 and <a href=\"https:\/\/www.commercialcafe.com\/commercial-property\/us\/ga\/atlanta\/atlanta-galleria-office-park-galleria-600\/\" target=\"_blank\" rel=\"noopener noreferrer\">Galleria 600<\/a>. According to <a title=\"Commercial Property Executive\" href=\"https:\/\/www.commercialsearch.com\/news\/piedmont-snaps-up-last-of-atlanta-tower-collection\/\" target=\"_blank\" rel=\"noopener\"><em>Commercial Property E<\/em><em>xecutive<\/em><\/a>, this deal also included a 10-acre parcel of land with a development potential of 1 million square feet. At that time, the real estate investment trust already owned Galleria 100\u2014a 415,000-square-foot, Class A <a href=\"https:\/\/www.commercialcafe.com\/office\/us\/ga\/atlanta\/\" target=\"_blank\" rel=\"noopener noreferrer\">office building in Atlanta<\/a>\u2014as well as Galleria 200 and Galleria 300.<\/p>\n<p>The trust\u2019s recent Dallas acquisition marks the first time that the entire Galleria portfolio has been under one ownership.<\/p>\n<div id=\"attachment_26567\" style=\"width: 650px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/YM_Galleria_600_Atlanta.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-26567\" class=\"size-full wp-image-26567\" src=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/YM_Galleria_600_Atlanta.jpg\" alt=\"galleria 600 atlanta\" width=\"640\" height=\"800\" srcset=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/YM_Galleria_600_Atlanta.jpg 640w, https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/YM_Galleria_600_Atlanta.jpg?resize=120,150 120w, https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/YM_Galleria_600_Atlanta.jpg?resize=240,300 240w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/a><p id=\"caption-attachment-26567\" class=\"wp-caption-text\">Galleria 600, Atlanta Galleria Office Park, 600 Galleria Pkwy SE, Atlanta<\/p><\/div>\n<p>Property images courtesy of Yardi Matrix.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Piedmont Office Realty Trust has completed the acquisition of Dallas\u2019 distinctive Galleria office towers. The three buildings commanded $396 million, marking the largest Dallas-Fort Worth office sale of the year so far. CBRE Global Investors was the seller. The transaction also included associated parking garages, as well as a 1.9-acre parcel of land located at&hellip;<\/p>\n","protected":false},"author":48,"featured_media":26571,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[37,38,4014,39],"tags":[],"class_list":["post-26565","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate-news","category-deals","category-featured","category-office","wpautop"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 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