A European investor is close to a deal to buy one of downtown Dallas’ office towers.
Spain-based investor Masaveu Real Estate US wants to purchase the 18-story KPMG Plaza in the Arts District from the Korean investment fund that’s owned it for three years, according to brokerage company reports.
The 450,000-square-foot Ross Avenue office building has been up for sale for the last few months. The office tower is next door to the new 28-story Hall Arts Residences condos and hotel, which is near completion. The Meyerson Symphony Center is across the street.
Commercial property firm Cushman & Wakefield has been marketing the building for sale. Representatives with the firm declined to comment.
Tenants in the building include developer Hall Group, KPMG, UMB Bank, Jackson Walker LLP, and Spencer Stuart. KPMG Plaza has restaurants on the ground floor facing Flora Street and a sculpture garden on the east side of the tower.
The sale to Masaveu is estimated at $240 million, according to a report by real estate firm Colliers International in a just-released newsletter. KPMG Plaza sold for an estimated $200 million the last time it traded.
The nearby 1900 Pearl office tower recently sold for $700 per square foot — the highest price ever paid for a Dallas office project.
The KPMG high-rise is one of a handful of downtown Dallas office buildings that have recently been up for grabs. A Korean investment group just spent more than $96 million to acquire a majority stake in the 37-story One AT&T Plaza skyscraper on Commerce Street.
Masaveu Real Estate US is a unit of Corporación Masaveu, a family-owned investment group based in Oviedo, Spain. Founded in 1840, Masaveu has holdings in real estate, industrial companies, wineries, and medicine. Masaveu has operations in eight countries.
