Behringer Harvard Acquires Las Colinas Commons

by PegNews wire

IRVING — Behringer Harvard commercial real estate company announced today its separate acquisitions of Bent Tree Green and Las Colinas Commons, two properties located in the Dallas- Fort Worth Metroplex. Bent Tree Green is a three-story office building situated in Dallas's Platinum Corridor, and Las Colinas Commons is a three- building office portfolio located within the Las Colinas submarket in Irving, Texas.

"These two properties are an excellent complement to our real estate portfolio," said Robert M. Behringer, founder and CEO of Behringer Harvard. "We are pleased to buy these well-located assets for our investors."

The Las Colinas Commons portfolio contains buildings at 1525, 1555 and 1621 West Walnut Hill. The portfolio contains almost 240,000 square feet of rentable space. These buildings were constructed in various phases from 1979 through 2001, including interim renovations. The three buildings use adjacent surface parking lots with 1,155 spaces.

The Las Colinas portfolio is 67 percent leased to four tenants. First Horizon Home Loan Corporation, one of the largest lenders and loan servicers in the United States, occupies 73 percent of 1555 Walnut Hill.

Behringer Harvard plans significant building renovations and upgrades at the Bent Tree and Las Colinas assets. Improvements will be made to physical components including roof, heating and air conditioning. Other renovations include lobby, elevator and other upgrades in addition to landscaping enhancements.

"These physical improvements, when combined with a strong marketing program, should provide our investors with the potential for significant value appreciation within a relatively short holding period," said Behringer.

Source: Behringer Harvard