Taconic Capital Advisors has landed a $190 million refinance for Worldwide Plaza I & II, two Class A workplace properties totaling 780,000 sq. toes in Farmers Department, Texas, Business Observer has discovered.
CIM Group originated the five-year, floating-rate mortgage in a transaction organized by Cushman & Wakefield’s Rob Rubano, Greg Napper and Brian Share.
Positioned at 14201 N Dallas Parkway and 14221 N Dallas Parkway respectively, roughly 20 minutes from Dallas, Worldwide Plaza I and Worldwide Plaza II are 13-story and 15-story campus-like excessive rises. The event is likely one of the largest properties alongside the Dallas North Tollway.
New York-based Taconic acquired the asset in 2018, its first buy in North Texas, in an off-market transaction. On the time, the 2 buildings had been just lately vacated by J.P. Morgan and Fannie Mae, giving Taconic the chance to implement a major capital enchancment plan on the property.
“Taconic has performed an amazing job of positioning the asset during the last two years, as evidenced by continued sturdy tenant demand for the constructing. The execution of their marketing strategy has really elevated Worldwide Plaza I & II as two of the extra fascinating buildings in Dallas, ”Rubano stated in ready remarks. “The power for CIM to underwrite an entire mortgage financing of this dimension within the present market surroundings speaks to the standard of the asset and the power of Taconic as a borrower.”
In 2019, healthcare companies firm Tenet Healthcare Company leased the 372,000-square-foot Worldwide Plaza I in its entirety as its new headquarters. And in April this yr, railcar maker Trinity Industries introduced it could move its global headquarters to Worldwide Plaza II by January 2021, as reported by Dallas Enterprise Journal.
As a part of the property renovation, Taconic added greater than 46,000 sq. toes of facilities, together with a ground-floor cafe and bar, a health middle and a 150-person convention middle.