Sale of iconic Class A Dallas office tower closed by HFF
DALLAS, TX, July 7, 2014 - HFF announced today that it has closed the sale of Fountain Place, a 1.2 million-square-foot, Class A office tower in Dallas, Texas.
HFF marketed the property on behalf of the seller, J.P. Morgan Asset Management, acting on behalf of institutional investors it advises. Goddard Investment Group purchased the asset for an undisclosed amount free and clear of existing debt.
Fountain Place is located at 1445 Ross Avenue close to Klyde Warren Park and the Dallas Arts District. The 58-story tower was designed by architect I.M. Pei and features a dancing water garden called "The Fountain Plaza" at its base. It is one of only three LEED Gold Certified Class A buildings in downtown Dallas and also includes an adjacent 1.5-acre development site that can be developed into above grade parking. Fountain Place is 88 percent leased to tenants including the Tenet Healthcare, Hunton & Williams and Wells Fargo Bank, N.A.
According to HFF, Fountain Place is one of the most iconic buildings in the southwestern United States and the most recognizable building on the Dallas skyline.
J.P. Morgan Asset Management is a global asset management leader providing world-class investment solutions to clients. With $1.6 trillion in assets under management (as of March 31, 2014) and offices in 35 countries around the world, J.P. Morgan Asset Management offers global coverage with a strong local market presence, and leadership positions in most asset classes.
Goddard Investment Group was founded in 2000 and is headquartered in Atlanta, with a regional office in Dallas. The company has acquired and managed approximately 12 million square feet of commercial property, and currently has investments in Atlanta, Dallas, Houston, Miami and Tampa. Goddard Value-Add Office Fund I, L.P. is a discretionary, commingled, institutional fund sponsored by Goddard Investment Group.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter at twitter.com/hff.
CONTACTS:
ANDREW LEVY
HFF Senior Managing Director
(214) 265-0880
alevy@hfflp.com
KRISTEN MURPHY
HFF Associate Director, Marketing
(617) 338-0990
krmurphy@hfflp.com
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: HFF, Inc. via GlobeNewswire
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