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Dec. 3, 2012

Investor Buys Meridian Tower, Picks Stream Realty for Leasing and Management

By Camelia Bulea, Associate Editor

The Meridian Tower, a 228,500-square-foot Class A office building off the LBJ Freeway, was recently purchased by a private investment group. 2711 LBJ Partners, a subsidiary of DFW Integrity Group Ltd., plans to upgrade the office building with the addition of modern office suites and tenant conference rooms, as well as providing enhancements to the common areas. The building was developed in 1984.

Kendall Cramer of Dallas-based Stream Realty believes that the new upgrades will boost the building’s occupancy rate. Stream was recently tapped to lease and manage the tower, reports Citybizlist.com.

According to the Dallas Business Journal, the building is currently 29 percent leased and the new owner plans to offer space at aggressive rental rates.

Meanwhile, Boxer Property acquired two office buildings in Dallas totaling more than 300,000 square feet. The new acquisition increases the company’s portfolio in the Dallas-Fort Worth area to 700,000 square feet of office space purchased this year alone, noted the Dallas Business Journal.

The Houston-based company bought Bank of America Tower – a 13-story, 225,445-square-foot office tower in Plano – and Rochelle Park, a three-story, 80,148-square-foot office building in Las Colinas. The two buildings, sold by Parmenter Realty Partners, have an occupancy rate of 80 percent.

The company had a strong year. It currently owns more than 3 million square feet of property throughout the country. Last January, it purchased the Carillon Towers office buildings in Dallas – 11- and 10-story structures totaling 261,000 square feet.

Photo rendering of Bank of America Tower courtesy of www.bankofamericatowerplano.com

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