Lone Star Funds (“Lone Star”) today announced that an affiliate of Lone Star Real Estate Fund VII, L.P has successfully completed the acquisition of Premier Place, a 20-story Class A office tower in Dallas, TX.
The 457,901-square-foot property was recently renovated and is strategically located minutes from some of the city’s most densely populated, affluent and distinguished neighborhoods, including Highland Park, University Park and Uptown. The building boasts modern amenities, including a renovated lobby, lounge & bar and courtyard, as well as a 62,000-square-foot Life Time Fitness. The property is also conveniently located adjacent to Mockingbird Station, which includes premier shopping, dining and entertainment destinations, alongside access to the Dallas Area Rapid Transit (DART) system.
Premier Place features flexible floor plans ranging from 800 to 21,000 square feet and has a strong tenant base in a Dallas market which has demonstrated attractive growth trends and demand momentum. Lone Star plans to implement an active asset management approach to further enhance the property’s competitive positioning, while continuing to deliver for existing and future tenants. Glenstar will remain the property manager.
“Premier Place represents an opportunity to acquire a high-quality office asset in Dallas that directly addresses demand being driven by continued population growth and corporate relocation momentum,” said Jérôme Foulon, Global Head of Commercial Real Estate at Lone Star. “We continue to see compelling opportunities to invest in well-located, institutional-quality properties where our disciplined investment approach and hands-on asset management capabilities can create long-term value. We look forward to building upon Premier Place’s strong positioning in the market and further enhancing the property’s appeal to tenants.”
About Lone Star
Lone Star is a leading investment firm with its principal office in London, UK advising funds that invest globally in private equity, credit and real estate. The firm has been successfully navigating complex situations for over 30 years. The funds are experienced value investors that seek opportunities in situations that are in flux or complicated by specific structural or financial factors, regardless of the prevailing market environment. Our deep bench of senior leaders and expert deal professionals ensures a strong foundation for successful investments and strategic decision-making. Since the establishment of its first fund in 1995, Lone Star has organized 26 private equity funds with aggregate capital commitments totaling approximately $96 billion. For more information regarding Lone Star Funds, go to www.lonestarfunds.com. Follow us on LinkedIn.
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