Uptown Dallas' McKinney & Olive has reportedly changed hands.
Granite Properties and Highwoods Properties Inc. have partnered to acquire Uptown Dallas' McKinney & Olive.
According to a news release from Highwoods, the joint venture’s total investment is expected to be $394.7 million. "McKinney & Olive is a solid bull’s eye with its prime infill location in a top tier submarket and financially sound, diversified customer base. Plus, with rents estimated to be 35% below-market, McKinney & Olive provides meaningful NOI upside potential,” said Highwoods President and CEO Ted Klinck in a prepared statement.
The property, designed by Cesar Pelli of Pelli Clarke Pelli and developed by Crescent Real Estate and JPMorgan Asset Management in 2016,McKinney & Olive, which aptly sits on the corner of McKinney Avenue and Olive Street in what is arguably Dallas' most vibrant submarket for office, spans more than 492,000 square feet of office space and nearly 50,000 square feet of retail. It also features a Canyon Ranch-designed fitness studio.The project cost was estimated at about $225 million.
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