At a glance
- The acquisition adds a 168,000-square-foot, 97%-leased office building to Ascent's portfolio.
- Connect CRE reported the acquisition Oct. 26 and credited the Dallas Business Journal; no purchase price was disclosed.
- For allocators weighing Dallas office, the undisclosed price removes a per-square-foot comparison for other suburban trades.
Ascent Real Estate Advisors bought the 10-story Hillcrest Tower at 12720 Hillcrest Road in north Dallas from Albany Road Real Estate Partners.
The acquisition adds a 168,000-square-foot, 97%-leased office building to Ascent's portfolio. CBRE will handle leasing at the tower, which has nearly 50 tenants, according to Connect CRE.
Connect CRE reported the acquisition Oct. 26 and credited the Dallas Business Journal; no purchase price was disclosed.
For allocators weighing Dallas office, the undisclosed price removes a per-square-foot comparison for other suburban trades. With 97% occupancy across nearly 50 tenants, underwriting turns on the rent roll and lease expirations rather than vacancy.
Newmark Group listed the property for sale in June, according to Connect CRE. Hillcrest Tower was built in 1982 and renovated in 2022.
Albany Road keeps Mockingbird Towers, a 448,000-square-foot Dallas office property at 1341 W. Mockingbird Lane that it bought in 2020. The sale leaves it with a Dallas office holding it has owned since that purchase.
Ascent's other Dallas-Fort Worth deals include reacquiring Rambler Park, a 310,943-square-foot, 14-story medical office tower. It previously owned 5001 Statesman in Irving, the 192,000-square-foot Meadow Central office park and the more than 260,000-square-foot Midway Atriums complex in Addison.
Reported by the Deals desk from Connect CRE, citing the Dallas Business Journal. Published . Corrections