Part of Plano’s $3 billion Legacy West development has changed hands.
A Washington, D.C.-based investor, PRP Real Estate Investment Management, has purchased the FedEx Office headquarters on Legacy Drive near State Highway 121.
The 263,621-square-foot office campus opened in 2015.
It’s located just across the street from Toyota’s huge North American headquarters.
PRP purchased the FedEx complex from developer KDC, one of the partners in the 250-acre Legacy West development.
“Legacy West’s amenities offer an enticing amenity package to its visitors and workforce and has attracted some of the world’s largest and most successful corporations to its tenancy,” Paul Dougherty, president of PRP, said in a statement. “Part of the draw is the central location. Legacy West is situated 23 miles north of Dallas’ central business district and 20 miles from Dallas Fort-Worth International Airport, making it a desirable option for both domestic and international corporations.”
PRP purchased the Plano office campus in partnership with AXA Investment Managers.
“When this opportunity in Texas arose, it was only natural that we looked to AXA as our partner on this investment,” Dougherty said.
Terms of the purchase were not disclosed. FedEx Office occupies the building on a long-term lease.
About 1,200 people work in the 19-acre campus.
CBRE’s Gary Carr, John Alvarado, Eric Mackey, Evan Stone, Jared Chua and Robert Hill brokered the sale.
“This offering presented investors with an exceptional opportunity to acquire a recently constructed, state-of-the-art office asset with a stable income stream backed by the long-term commitment of a quality, investment-grade tenant,” Carr said. “Investors were motivated by the opportunity to establish a significant presence within Legacy, one of D-FW’s hottest submarkets.”
The FedEx Office building is the second campus in Legacy West to be sold.
In January Liberty Mutual Insurance bought its 1.1 million regional office complex on the west side of the Dallas North Tollway from developer KDC.
The transaction was estimated at almost $350 million.
KDC this year also sold the Raytheon office campus in Richardson to an investment arm of the Church of Later Day Saints.