October 24, 2017
Bridge Office Fund Manager LLC, an affiliate of Bridge Investment Group LLC, acquired the 243,109-square-foot Tower 1320, a 10-story, Class A office building from Arden Group. The property at 1320 Greenway Dr. in Irving, TX, a suburb of Dallas, sold for an undisclosed price, and is valued at $22.7 million. The Philadelphia-headquartered Arden Group owned the asset since 2013.
CBRE’s Evan Stone, Gary Carr, Eric Mackey, John Alvarado, Jared Chua, Robert Hill and Mary Claire Houseman represented the seller. Bridge Commercial Real Estate will oversee property management, while Peloton Commercial Real Estate’s T.D. Briggs and Jeff Wood will spearhead the marketing and leasing of the asset.
The new ownership, headquartered in Salt Lake City, UT, will invest heavily in Tower 1320, which came onto the market in 1981. Upgrades will include collaborative spaces for tenants, move-in ready suites and renovated common areas.
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