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Gaedeke Group buys Millennium Tower from KBS Realty
December 5, 2013
Staff Writer-Dallas Business Journal
Dallas-based real estate investment firm Gaedeke Group LLC has bought Millennium Tower from KBS Realty Advisors in an all-cash deal.
The 14-story, 351,683-square-foot office building at 15455 N. Dallas Parkway near Arapaho Road and the Dallas North Tollway in Addison, is 97.8 percent leased. The 3.4-acre property includes an adjacent seven-story parking garage.
"Millennium Tower is one of the highest quality suburban assets in the city," said Gary Carr, vice chairman of CBRE, in a written statement. "It was highly sought after by institutional and private investors nationwide."
Carr, John Alvarado, Eric Mackey and Robert Hill of CBRE represented the California-based seller. Glenn Lickstein, president of Dallas-based Gaedeke Group, led the negotiating team for the buyer.
Millennium Tower has been owned by institutional investors since it was completed in 2000 by Dallas-based development firm Wynn Jackson. KBS Realty purchased the office tower in June 2008 from RREEF.
In 2009, KBS spent $1.6 million in capital improvements, including a fitness center, conference facility and tenants' lounge. The building's largest tenant is Dresser Inc., a subsidiary of General Electric Co.
Belinda Dabliz of Gaedeke Group will lease the property. Debra Spears will oversee the property management at the tower.
The Gaedeke Group is seeking to buy more buildings in Dallas, Miami and Washington, D.C., as well as new markets for the firm, including Boston, New York and Atlanta, Lickstein said.
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