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Addison's Colonnade complex sold to CB Richard Ellis

09:48 PM CDT on Friday, June 27, 2008

By STEVE BROWN / The Dallas Morning News
stevebrown@dallasnews.com

A big Addison office tower complex has a new owner.

CB Richard Ellis Investors purchased the three-building Colonnade project on the Dallas North Tollway on Friday.

FILE/DMN
FILE/DMN
The three-building Colonnade project contains more than 1 million square feet of office space.

The high-rise buildings contain more than 1 million square feet of office space – as much as a downtown skyscraper. They were sold by a partnership between J.P. Morgan and Equity Office.

Terms were not disclosed.

Holliday Fenoglio Fowler LP's Dallas office had been marketing the buildings for sale.

The office towers were constructed between 1983 and 1998 and are in the Quorum business park.

The Colonnade sale is the third big office sale in Addison in recent months.

In early June, KBS Real Estate Investment Trust purchased the Millennium Tower, a 14-story, 353,461-square-foot office building on the tollway at Arapaho Road. And in April, Granite Properties purchased the two-building Spectrum Center at the Tollway and Belt Line Road.

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