Newmark announced the sale of The Colonnade, an approximately 1 million‑square‑foot office campus situated on 12.4 acres in northern Dallas‑metro Addison, Texas. The transaction was conducted through a receivership process, with Newmark representatives Stephen Schwalb, Chris Murphy, Robert Hill, Gary Carr and Austin Sheahan acting on behalf of the seller, a partnership between Trigild and CWCapital.
The buyer is a partnership formed by Connecticut‑based Cross Ocean Partners and Dallas‑based Lincoln Property Co. The new owners have pledged to invest about $100 million to reposition the campus. Initial property improvements have already begun, and the first phase of upgrades is expected to be completed throughout 2027.
The Colonnade complex consists of three interconnected buildings linked by an enclosed, four‑story atrium. The sizable campus provides a substantial amount of office space for businesses operating in the Addison area, a region that has seen steady commercial growth in recent years.
According to rebusinessonline.com, the infusion of $100 million for redevelopment signals a significant commitment to enhancing the facility’s infrastructure and tenant amenities. While specific details of the planned upgrades were not disclosed, the timeline extending to 2027 suggests a multi‑year effort to modernize the property and potentially attract new occupants.
Local officials and business leaders have noted that large‑scale investments such as this can have a positive ripple effect on the community, including increased employment opportunities during construction and a broader tax base once the upgrades are completed. The involvement of both a national investment firm and a Dallas‑based property company underscores confidence in Addison’s continued appeal as a commercial hub.
What’s next: The redevelopment team will continue the first phase of improvements over the next several years, with a projected completion window that runs through 2027. Stakeholders and interested parties are encouraged to monitor announcements from the buyer partnership for further details on specific enhancements and any opportunities for local contractors or suppliers to participate in the project.
Sources: rebusinessonline.com
