A joint venture between The Blackstone Group and JPMorgan Asset Management is in contract to sell a suburban office park in Plano, Texas to a Newport Beach, California-based non-listed REIT.
The private equity venture has sold Legacy Town Center to KBS REIT III for $113 million, according to information from data provider Real Capital Analytics. JPMorgan and Blackstone declined to comment, and KBS did not respond to calls seeking comment.
One, Two and Three Legacy Town Center – at 7160 North Dallas Parkway, 6900 Dallas Parkway and 5801 Tennyson Parkway, respectively – is located within a 150-acre planned community. The three-building complex, which totals 522,043 square feet of office space, is currently 91 percent occupied by tenants that include BMC Software, Hartford Fire Insurance and New York Life.
Built in 2001, the office park was acquired by a joint venture between JPMorgan and Washington, DC-based REIT CarrAmerica Realty in 2004 for $66.6 million. In 2006, Blackstone acquired CarrAmerica for $5.6 billion, thereby acquiring the REIT’s stake in the asset.
It initially was announced late last year that the joint venture had put Legacy Town Center on the selling block. CBRE marketed the property on behalf of the sellers.