28/10/2024
SALE
IMAGE: Doug Agarwal & C. Brent Smith
DATE: 10/25/2024
ADDRESS: 750 West John Carpenter Freeway
MARKET: Irving
ASSET TYPE: Office
BUYER: Doug Agarwal - Capital Commercial Investments
SELLER: C. Brent Smith - Piedmont Office Realty Trust
SALE PRICE: $23,000,000
SF: 315,000 ~ PPSF: $73
NOTE: Piedmont Office Realty Trust sold its 315,000-square-foot Irving office building, formerly the CVS Health Tower, for $23 million — less than half of its 2016 purchase price of $49.6 million — to Capital Commercial Investments (CCI) in a value-add acquisition. Despite $800,000 in upgrades and 46% occupancy, including CVS Health, CCI sees potential in the distressed asset market, aiming to capitalize on future growth in Dallas’ office demand amid high vacancy rates.
