HOUSTON, TX – PM Realty Group (PMRG), a nationally recognized full service commercial real estate firm in partnership with American National Insurance Company (American National), announced today that it has acquired One Hanover Park (One Hanover) located at 16633 North Dallas Parkway in the greater Dallas/FW metroplex.
One Hanover Park, an eight-story, 195,894 square foot Class A office building built in 1998, is prominently located along the Dallas North Tollway. The property offers superior accommodations and an adjoined three-level parking garage. The strategic location of the building allows convenient access to the area’s strong amenity base including Beltline’s Restaurant Row, Galleria Dallas and The Shops at Willow Bend.
“The acquisition of One Hanover is indicative of the type of product PMRG is looking to and has purchased across the country,” said John Dailey, Executive Vice President of Investments, PMRG. “This is reflected in the asset quality, preferred location and strong improving market conditions. We are excited about this investment and look forward to growing both PMRG’s property service and investments practices in DFW.”
The building is 82.2% occupied and its positive leasing and renewal activity last year makes the property one of the most attractive in the area. One Hanover also offers quality, highly efficient floor plates that average approximately 25,000 square feet, which is in high demand for the market. “One Hanover presents a unique opportunity for a large tenant in search of full-floor Class A space in one of Dallas’ strongest and best performing sub-markets,” Kurt Cherry, Executive Vice President of Property Services, PMRG.
Plans for 2014 include continued improvement of market fundamentals and leveraging the location while maintaining the building’s market position with a well-capitalized and responsive ownership looking to make deals.
CBRE’s Eric Mackey, Gary Carr, John Alvarado, and Robert Hill arranged the transaction on behalf of the sellers, a partnership between Cawley Partners and Stockbridge Capital.
For leasing information, please contact Kurt Cherry at firstname.lastname@example.org or (972)421-3322.
For investment inquiries, please contact John Dailey at email@example.com or (713)209-5718.
About American National Insurance Company
American National Insurance Company (American National), headquartered in Galveston, Texas, was founded in 1905 and is licensed to conduct the business of insurance in all states except New York. American National is also a family of companies. The family of companies operates in all 50 states and offers a broad line of products and services, which include life insurance, annuities, health insurance, credit insurance, pension products, and property and casualty insurance for personal lines, agribusiness and certain commercial exposures. For more information, including company news and investor relations information, visit the company’s web site at www.anico.com.