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Addison office tower sells to Dallas-based investor Gaedeke Group
December 5, 2013
Dallas News Business
By Steve Brown
Investor Gaedeke Group completed its purchase of the 14-story Millennium Tower in Addison.
The 354,000-square-foot office tower at the Dallas North Tollway and Arapaho Road was sold by KBS Real Estate Investment Trust, which has owned the building since 2008.
Major tenants in the tower include Broadcom Corp., Hudson Global and Dresser Inc. The building is almost fully leased.
Terms of the sale were not disclosed, but the building is valued for taxes at more than $55 million.
Gaedeke Group already owns more than a half dozen Dallas-area office properties.
“We have looked at many buildings through the years, but this one stood out as a premier class office building,” Glenn S. Lickstein, president of the Dallas-based real estate firm, said in a statement. “This is an excellent addition to our existing portfolio of class A office properties.”
CBRE Group’s Gary Carr, John Alvarado, Eric Mackey and Robert Hill negotiated the sale.
Gaedeke Group officials say the Addison building purchase is just one of additional purchases planned by the company.
“We are constantly seeking to upgrade and invest in our portfolio,” Lickstein said. “We are definitely looking to buy more buildings in our existing markets of Dallas, Miami and Washington, D.C., and add some new markets, such as Boston, New York and Atlanta.”
The largest concentration of Gaedeke’s Dallas holdings are in the Uptown and Oak Lawn areas with buildings including One McKinney Plaza, CBS Radio Tower and Regency Plaza.
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