Dallas-based commercial property developer and investor Cawley Partners has made its second major office acquisition this week.
Cawley Partners teamed up with Canada-based Balfour Pacific Capital to buy the Westpoint I office building in Las Colinas.
The six-story, 150,000-square-foot building is at 1255 Corporate Drive in Irving.
The new owners are planning to renovate the building, which was constructed near DFW International Airport in 1997.
“Westpoint I ticks many boxes for us,” Mark Scott, Balfour Pacific’s managing partner, said in a statement. “It’s a stabilized property anchored by investment-grade credit, but with value-add characteristics and significant upside.”
The purchase is the second recent local transaction for Balfour. In 2020, Balfour Pacific acquired the Toll Hill Office Park at Dallas North Tollway at Harvest Hill Road in North Dallas.
Tenants in the Westpoint building include U.S. Bank, Imaginit Technologies and Moye Consulting.
“We are excited to partner with Balfour on this excellent opportunity. We believe our firms are aligned both strategically and culturally and we look forward to building this partnership in years to come,” said Chase Stone, director of acquisitions at Cawley Partners.
JLL’s Parker McCormack and Andrew Levy brokered the building sale by Highbrook Investors.
Cawley Partners has recently made several Dallas-area office buys.
Early this week, the company announced that it has teamed up with Staubach Capital to purchase Sabre Group’s two-building headquarters campus in Southlake. Last year, Cawley Partners bought the Rent-A-Center corporate headquarters in Plano to renovate surplus space in the building for other tenants.
Cawley Partners also has several new office developments in the works in the Dallas area.