Brookfield Buys Citigroup's 620,000-SF Campus
Brookfield Real Estate Opportunity Fund II has acquired a 620,000-square-foot campus in North Texas from Citigroup, immediately christening it as Regent Commons.
The 52-acre campus contains three LEED-certified buildings, with Citigroup in control of one-third of the class A office space through a long-term lease. The balance of the campus, located in Irving, is available for lease. The property fronts Interstate 635 and is close to the Dallas/Fort Worth International Airport.
David Arthur, the Toronto-based buyer's president and managing partner, noted the upside lies in the space that's available for lease. The acquisition "is representative of our investing style - acquiring exceptional quality property from owner/users with a long term lease back on a portion of the space in markets in which we have considerable expertise," he added.