Lone Star Funds, a global investment firm with its principal office in London, announced that an affiliate of Lone Star Real Estate Fund VII LP has successfully completed the acquisition of Premier Place, a 20-story Class A office tower in Dallas.
The 457,901-square-foot property was recently renovated and features a renovated lobby, lounge & bar and courtyard, as well as a 62,000-square-foot Life Time Fitness. The property is adjacent to Mockingbird Station, which includes premier shopping, dining and entertainment destinations, alongside access to the Dallas Area Rapid Transit (DART) system.
The financial aspects of the deal were not disclosed. Glenstar will remain as the property manager.
“Premier Place represents an opportunity to acquire a high-quality office asset in Dallas that directly addresses demand being driven by continued population growth and corporate relocation momentum,” said Jérôme Foulon, global head of commercial real Estate at Lone Star. “We continue to see compelling opportunities to invest in well-located, institutional-quality properties where our disciplined investment approach and hands-on asset management capabilities can create long-term value. We look forward to building upon Premier Place’s strong positioning in the market and further enhancing the property’s appeal to tenants.”
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