Cawley Partners has closed on its acquisition of One Hanover Park, an eight-story, 195,754-square-foot property built along the Dallas North Tollway in 1999. The property, which is 78 percent leased, was acquired as part of a joint venture with San Francisco-based Stockbridge Capital Group.
As CEO Bill Cawley wrote for RealPoints last week, it’s a unique situation, as One Hanover Park was the first office building he ever developed (through his Wilcox Development division).
The acquisition fits with Cawley Partners’ goal of seeking out value-add office opportunities where the company can enhance, reposition, and ultimately create more value in the property. It’s targeting deals in Dallas, Fort Worth, Phoenix, Northern California and Salt Lake City.
Todd Ratliff of Cawley Partners will lease One Hanover Park; the firm will also manage the building with onsite personnel.
“After a difficult four years in the Dallas real estate market, I am glad to see the tide turning and believe that One Hanover Park, through active leasing and management, will be well positioned to take advantage of rising occupancy and rental rates” Cawley said in a statement.