Brookwood Financial Partners, LLC announced that they have acquired the Interchange Office Center, in Dallas Texas. The three-story, multi-tenant, Class A rated office building is located in the heart of Dallas, has an estimated 150,596 square feet of space. The seller for the building was represented by Kennedy Hicks and Michael McDonald from Eastdil Secured. Brookwood Financial Partners, LLC was self-represented in the transaction.
"Interchange Office Center is a well located, Class A asset that is 88% occupied by tenants whose rents are currently 15% - 20% below today's market rents," said Thomas W. Brown, Brookwood's Director of Acquisitions. "There has been significant population and job growth in the Dallas area that has led to strong levels of market absorption, which when coupled with the overall lack of new construction, has resulted in both a decline in vacancy rates for Class A office space and upward pressure on rental rates along the North Dallas Parkway," he added. "Our objective is to achieve higher rental rates as leases renew at the property and to lease-up the remaining vacant space at these higher rates."
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