A sprawling office complex just north of Dallas/Fort Worth International Airport has a new owner. A private fund established by Toronto-based Brookfield Asset Management has acquired the 620,000-square-foot Citigroup campus on Regent Boulevard, near the intersection of Interstate 635 and Beltline Road.
The three-building, 52-acre complex, called Regent Commons, was developed as a build-to-suit for Citigroup in 2006 by KDC. Citigroup began marketing the project for sale last year.
About one-third of the space is being leased by Citigroup on a long-term basis; the balance will be available for lease.
“The acquisition of this high-quality office campus offers significant upside potential for the fund in leasing the remainder of the space and is representative of our investing style—acquiring exceptional quality property from owner/users with a long-term lease back on a portion of the space in markets in which we have considerable expertise,” said David Arthur, the fund’s president and managing partner, in a statement.
Brookfield Real Estate Opportunity Fund II has more than $1.3 billion in real estate assets under management. It was established by Brookfield Asset Management, a global alternative asset manager focused on property, renewable power, infrastructure, and private equity, with approximately $150 billion in assets under management.