June 28, 2017
TIER REIT acquired the 319,000-square-foot Legacy Circle, a Class A office building at 5851 Legacy Circle in Plano, TX. The Dallas-based REIT paid $123.3 million, which includes the assumption of a $66 million mortgage loan. The buyer is rebranding the building, along with two continuous land parcels it acquired in 2015, as Legacy District.
The 12-story building delivered in 2012, and is 100% master leased to Encana Corp. It’s also 88% subleased to companies including LegacyTexas Bank, U.S. Renal Care and Aimbridge Hospitality.
“This acquisition complements our existing development parcels and enhances our vision for Legacy District, given its strategic location in the heart of the vibrant live-work-play Legacy submarket,” stated Scott Fordham, TIER REIT President and CEO. “Further, it plants our flag prominently near the exciting new corporate campuses of Toyota, JP Morgan, Liberty Mutual and FedEx Office, which combined should bring over 15,000 new office workers to the submarket.”
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