A group headed by St. Louis, MO-based alternative investment partner, Larson Capital Management purchased the Plaza at Legacy office building located in Legacy Business Park in Plano. This sale adds to Dallas-Fort Worth’s $33 billion in commercial property deals this year alone.
In September, at a time when nationwide investment had dropped 21% year-over-year, the DFW area was leading the country with more than $32.8 billion in property sales representing a 10% increase when compared to the same period last year.
According to The Dallas Morning News, the investment company bought two more office buildings in North Texas before acquiring the 215,499-square-foot Plaza at Legacy. In 2021, the private investment manager bought the 10-story Granite Tower and in May this year the 130,371-square-foot office building Lincoln Legacy located in the Legacy Town Center mixed-use development on the Dallas North Tollway in Plano.
The property, built in 2001 and originally occupied by Computer Associates International, is located east of the Dallas North Tollway on Legacy Drive in Plano and is occupied by businesses, including CA Technologies and Medsys Group.
To buy the Plaza, Larson Capital used a $45.6 million loan from MetLife, the previous owners of the building since 2014, and Newmark Group brokered the sale, reported The Dallas Morning News. This is the fourth sale the real estate company handled in Legacy Business Park since April and the second with Larson Capital. These sales totaled over $300 million.
According to a report by Newmark, in October the DFW area had some 1.5 million square feet of space under construction and, despite higher construction costs and delays, there are over 10 million extra square feet of office projects proposed for 2023, with approximately half of those square feet being developed on speculative basis.