A Richardson office building has a new owner.
Addison-based Harkinson Investment Corp. acquired Tower 2600, a nine-story, 229,307-square-foot Class A office building at 2600 N. Central Expressway. The seller was Development Ventures Group, a subsidiary of the Japan-based Kajima Corp.
The purchase price was not disclosed. However, Collin County records show a $31.2 million loan was obtained to fund the transaction.
The purchase marks Harkinson’s largest office investment in more than 25 years. The firm sold its 13-story office tower at 4455 LBJ Freeway in 2015, reducing its office holdings to focus on retail centers and industrial properties throughout Texas. Market conditions brought the company back to the office properties.
“Rather than chasing office investments through the peak of the market, we focused on sectors where we believed the risk-adjusted returns were stronger,” Jeff Harkinson, president of Harkinson Investment Corp., said in a statement. “Today we’re seeing a very different environment. The office market has clearly separated into winners and losers, and premier buildings in outstanding locations are trading at prices that would have been difficult to imagine just a few years ago.”
Tower 2600 is 92% leased. Since January 2022, more than 205,000 square feet of leases have been signed or renewed, representing roughly 90% of the building’s space. The building’s largest tenant is engineering, planning and design firm Kimley-Horn.
The property was built in 1999 and underwent substantial renovations in 2020. More than $10 million in recent capital improvements include a new conference center, gym and tenant lounge with grab-and-go food service.
The office is in Richardson’s growing Telecom Corridor, just south of the CityLine mixed-use district.
Newmark vice chairmen Gary Carr, Robert Hill and Chris Murphy and director Austin Sheahan represented the seller. Acquisition financing was provided by First United Bank. Harkinson has tapped Forge Commercial Real Estate to lease and manage the property.
The transaction adds to Harkinson’s office portfolio, which includes Midway Commons in Carrollton and Addison Park Place Tower in Addison.
Other northern Dallas County properties have changed hands in recent weeks.
Tourmaline Capital Partners and its equity fund partner acquired Tollway Plaza, a 376,259-square-foot office campus at 15950 and 16000 Dallas Parkway in Far North Dallas. Buchanan Street Partners was the seller.
The sale price was not disclosed. However, county records show Tourmaline Capital Partners obtained a loan of nearly $80.3 million to fund the purchase.
