The Board of Directors at FSP Galleria North Corp., an affiliate of Boston-based Franklin St. Properties, has hired CBRE to sell its Galleria North asset in Dallas, a 16-story office tower containing approximately 379,518 square feet.
“We believe that recent leasing activity at the Property, together with an improving and active Dallas office building investment climate, are combining to create a potentially advantageous sales opportunity for the holders of the Company’s preferred stock,” the company wrote in a letter to shareholders.
Galleria North Tower I is located at 13155 Noel Road in the South region of Dallas, according to the Franklin St. Properties website.
Last October, this website reported that Lake Success, NY-based DealerTrack Technologies, Inc. had amended its office lease to expand by 24,907 square feet on the seventh floor at the building. The lease expansion increased the aggregate amount of DealerTrack’s leased space from 108,966 square feet, or 28.71 percent of the property’s rentable area, to 133,873 square feet, or 35.27 percent of its rentable area.
After the expansion, which commences April 1, 2014, Galleria North in Dallas will be 85 percent leased.