SOURCE: Foundry Commercial

Foundry Commercial

December 01, 2016 13:07 ET

Foundry Commercial Purchases 17-Story Office Building in Dallas, Marking Third Regional Office Acquisition of 2016

Addition of 8080 North Central Tower brings Foundry Commercial's total owned office space in Dallas to 1.3 million square feet

DALLAS, TX--(Marketwired - December 01, 2016) - Foundry Commercial has purchased 8080 North Central Tower, a Class A office building spanning 289,000 square feet in a joint venture partnership with Intercontinental Real Estate Corporation, of Boston. The purchase is Foundry Commercial's third Dallas-based office acquisition of the year, with other acquisitions including Walnut Glen Tower in September and Campbell Creek Office Park in June.

Located along the North Central Expressway at Caruth Haven and with a current occupancy rate of 96 percent, 8080 North Central is a premier urban office building. Amenities include a 12-level parking garage, ease of access to the Preston Hollow and Park Cities neighborhoods, retail and restaurants on Greenville Avenue and on-site retail options.

"It is no secret in the industry that the Dallas office market and the North Central Expressway Submarket is on a considerable upswing," said Jimmy Grisham, managing director and principal of development and investment at Foundry Commercial. "Our goal in purchasing high-quality assets like 8080 is to provide a service and amenities to Dallas workers with truly remarkable products. We are excited to close the year with another beneficial purchase, and are equally as excited at the prospects for continual growth in the area."

Foundry Commercial's traction in the Dallas office market began in 2015, when the company purchased the 232,000 square-foot building that would become GEICO's corporate headquarters.

About Foundry Commercial

Foundry Commercial is a full-service real estate services and investment company with 258 employees and nearly 40 million square feet of space under management and leasing across the Southeast and Texas. Foundry provides corporate services, brokerage, leasing, building management and project management services, and is the largest real estate service provider to religious and not-for-profit organizations in the country. Foundry also includes a development and investment platform that is fully integrated into its services business, leveraging its local market expertise to control more than $500 million in advantaged investment opportunities in partnership with its clients. Foundry Commercial was founded as CNL Commercial Real Estate in 2007 and launched as Foundry in 2015 through a management led buyout. For more information, visit www.foundrycommercial.com.

About Intercontinental Real Estate Corporation

Intercontinental Real Estate Corporation is an SEC Registered Investment Adviser with decades long experience in real estate investment, finance, development, construction management and asset management. Since 1959, Intercontinental and its affiliates have managed, developed, or owned collectively over $10 billion in real estate property. Today, Intercontinental manages a real estate portfolio of approximately $6 billion for its clients. The Intercontinental portfolio is diversified both by robust property mix and by geography. Fund strategies actively seek opportunities to invest in both Core and Core-Plus properties, as well as in Value-Add development projects.

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