June 5, 2018
Blackstone Group and its affiliate, Equity Office Properties, acquired the 1.6-million-square foot office portion of the 233-acre Solana out of foreclosure four years ago.
Now Blackstone is bringing the nine-building, 72-acre portfolio in Tarrant and Denton Counties to the market, following a $50-million upgrade.
HFF is marketing the portfolio, which is on SH 114 in the Dallas-Fort Worth suburban towns of Westlake and Southlake, TX. Also included in the deal is a 38,000-square-foot fitness center. Office tenants include Sabre Corp., Verizon, Goosehead Insurance and Marsh & McLennan, though the portfolio is only approximately 34% leased. According to HFF, replacing the project would cost more than $357 million.
Blackstone Group acquired Solana in 2014 for $180 million from Five Village Circle Holdings LP. The deal included a Marriott Hotel and some land. Blackstone will hold onto both hotel and land.
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