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News release

DALLAS, TX

Triten Real Estate Partners and Convexity Properties Purchase 6060 and 6080 North Central Expressway

In less than 30 days JLL closes sale of second office portfolio in North Central submarket


DALLAS, August 25, 2015 –  JLL Capital Markets experts today announced that a joint venture between Triten Real Estate Partners and Convexity Properties has purchased a two-building office portfolio totaling 270,499 square feet located at 6060 and 6080 North Central Expressway. 

“With its central location to desirable neighborhoods, proximity to public transportation, the Katy Trail extension to the property, and access to nearby landmarks, 6060 has the urban characteristics we look for in a long-term redevelopment play. The property is well-positioned to be a mixed use, Class A lifestyle destination, and we’re excited to be part of the investment,” said Scott Arnoldy, Managing Partner of Triten Real Estate Partners. 

Managing directors Jack Crews and Evan Stone, and Vice President Lauren Zimmer sold the property to Triten and its Chicago-based investment partnership on behalf of the previous owner, Dallas-based Prescott Realty Group.  Wells Fargo provided financing for the purchase post-closing.  

“The buildings are located in an extremely dynamic area where significant redevelopment and investment is concentrated, between Mockingbird Lane and SMU Boulevard,” said Crews.  “Over the past eight months companies like Top Golf and Shackelford have announced relocations from Uptown to the North Central submarket, where rates are more reasonable but amenities remain abundant.” 

According to JLL second quarter research, office rates in the North Central Expressway submarket average $23.74 PSF plus utilities, compared to Uptown where average asking rates are $33.53 PSF.
6060 North Central Expressway is a boutique eight-story office property with 224,682 square feet of rentable square feet.  The property was constructed in 1972 and renovated in 2008. In addition, the portfolio includes 6080 North Central Expressway, with 45,817 square feet of rentable square feet on the first floor topped by three levels of parking.  The structure offers an expansion opportunity that could potentially add 290 parking spaces.

At the time of the sale the office property was 88 percent leased and the parking structure was 100 percent leased to Zenith Education Group.

Immediate plans for the property include a multi-million dollar renovation to the existing office building to bring it up to Class AA standards. Longer term, Triten and Convexity intend to build a mixed-use lifestyle center that will focus on a live/work/play environment catering to the surrounding neighborhoods. Office leasing will be handled by Ben Davis at CBRE.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2014 alone, JLL Capital Markets completed $118 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 1,700 specialists, operating all over the globe.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: http://bit.ly/18P2tkv.  For more information about our capabilities in Dallas-Fort Worth, please visit the firm’s local Web page: http://bit.ly/1Tq3FjD.

About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $56.0 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.

About Triten Real Estate Partners
Triten Real Estate Partners (www.tritenre.com) is a privately held real estate subsidiary of the Triten Corporation. Founded in 2011, with offices in Houston and Chicago, the company invests in all parts of the capital stack. Its approach centers on identifying special situations that exhibit superior risk-adjusted returns including capital market inefficiencies, value add enhancement or ground up development.

About Convexity Properties
Convexity Properties (www.convexityproperties.com) is a fully-integrated real estate investment, development and management company headquartered in Chicago. Convexity focuses on acquiring well-located properties in growth markets where it can add value through development and by partnering with best-in-class tenants and operators. Its depth of capabilities includes single-tenant retail, adaptive reuse of landmarked buildings, and ground-up, urban high rise developments.