June 17, 2019— Dallas-based MoxieBridge, a private equity real investment firm, announced the acquisition of a Midtown Office Center, a 169,808-square-foot, two-building campus located at 5710 and 5728 LBJ Freeway, directly across from the new Dallas Midtown project. Paladin Partners will serve as the property management and leasing team at Midtown Office Center.
This property presented MoxieBridge with the opportunity to acquire an off-market office property with significant value-add potential. The planned improvements to Midtown Office Center will create a first-class finished product in a highly desirable area, at a cost-effective rental rate for tenants.
“With the acquisition of this project, we’re looking to create an ‘Old Parkland’ feel on a lower budget by focusing on bringing in tenants from similar industries,” said Brock Robertson, co-founder of MoxieBridge. “We also want to have more of a partnership with our tenants instead of the typical landlord/tenant relationship, so we’re offering them the opportunity to invest in the property.”
Planned improvements to Midtown Office Center include a modern fitness facility with upgraded shower accommodations, on-site wine lockers, an executive conference room, a semi-full-service lounge/bar area and improved on-site operations. Tenants will also have the option to invest in the property if desired.
Midtown Office Center was less than 10% occupied, but since purchasing the property in May, MoxieBridge has secured nearly 50,000 square feet of pre-leasing activity. The company also anticipates leasing activity to increase once renovations begin.
Midtown Office Center is near the Dallas North Tollway and LBJ Expressway which will provide tenants easy access to the greater D-FW region. The property is also close to the Galleria Mall, the new Dallas Midtown project, multiple hotels that cater to business travelers and several large established neighborhoods including Preston Hollow, Northwood/Greenwood Hills, Midway Hollow and the Park Cities.
“With the acquisition of Midtown Office Center, MoxieBridge owns more than 700,000 square feet of office space in North Texas,” said KC Kronbach, co-founder of MoxieBridge. “We are actively looking for value-add office opportunities in strong markets, like the Midtown area, throughout the North Texas and Houston regions.”
This deal marks the third office acquisition (and fifth and sixth office building) for the company, which launched in 2018. MoxieBridge acquired Central 500 and City View Corporate Center, both located in Plano, last year. Paladin Partners also serves as the property management and leasing team for both Plano properties.
Additionally, MoxieBridge has a number of industrial and residential value-add properties throughout North Texas and Houston.