Rising high above the Bush Turnpike and Plano Road in Richardson, the massive four-tower CityLine office complex has hit the market.
At nearly 2.3 million-square-feet of space, the high-rise development is one of the largest corporate campuses in Dallas-Fort Worth and last sold in 2016 for more than $800 million.
That was one of the biggest real estate purchases ever recorded in Dallas-Fort Worth, The Dallas Morning News reported.
Home to State Farm Insurance’s regional offices (which has a long-term lease), the campus has been owned by a partnership that includes South Korean investment fund Mirae Asset Global Investments and Houston-based Transwestern Investment Group.
The office towers sit at the heart of the $1.6 billion CityLine development, a mixed-use collection of offices, shops, apartments, townhomes, and a hotel. A project of KDC, the Morning News said that brokers are touting the long-term income stream from the property, which they call a “premier mixed-use development.”
“We do expect global interest given the AA credit and quality of the asset,” Newmark Vice Chairman Gary Carr said in a statement. Newmark’s Carr, Chris Murphy, Kevin Shannon, Robert Hill, and Ken White are marketing the development for sale.
KDC began construction on the 186-acre CityLine project in 2013. Along with State Farm, CityLine has a large campus for Raytheon Co. State Farm has more than 10,000 workers at CityLine.
“We have long-term leases for our space at CityLine,” State Farm’s Chris Pilcic told the Dallas Morning News. “This transaction will not impair our ability to serve our customers.”
Once completed, CityLine is scheduled have 5 million square feet of office space, 3,925 multifamily residential units, retail, and restaurants. According to the Morning News, it is the largest commercial property currently offered for sale in DFW.
We reported earlier this year that the staff and leadership of the Missouri-headquartered McCarthy Building Cos. Inc. moved its Dallas office to the CityLine development. That office also will serve as headquarters for McCarthy’s parent company, Genuine McCarthy Enterprises and its associated subsidiaries.
Previously, McCarthy was at 12001 N. Central Expressway in Dallas.
McCarthy has been building in Dallas for more than 40 years and is expanding its office to accommodate rapid growth in the market. McCarthy plans to hire roughly 150 new employees in the coming year to support recently awarded contracts across Texas.
The new office will also hold McCarthy’s newly formed civil business unit focused on civil construction projects supporting the transportation (roads, rail and aviation), solar, water, and commercial markets, the company said.
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