JLL secures permanent financing for Dallas office buildings
Newly constructed, Class A office with Cypress Waters master planned development
DALLAS, September 24, 2019 – JLL announced today that it has secured a permanent loan for 3000 and 3100 Olympus Boulevard, two newly constructed, Class A office buildings totaling 467,366 square feet in Dallas, Texas.
Working on behalf of the borrower, Billingsley Company, JLL placed the 15-year, fixed-rate loan with Allianz Real Estate of America. The permanent financing replaced two construction loans on the stabilized properties.
3000 and 3100 Olympus Boulevard are situated within the 1,000-acre Cypress Waters master-planned development, which offers five-star amenities such as on-site retail, food trucks, indoor/outdoor fitness centers and conference centers, and a planned five-mile hike and bike trail. The transit-oriented development is just a five-minute commute to DFW International Airport and has direct access to Interstate 635 and Belt Line Road, two of the area’s major thoroughfares. Additionally, the properties sit adjacent to The Sound, which includes retail, restaurants and multifamily around the 362-acre North Lake that anchors Cypress Waters. Overall, the properties are 99.5% leased with 3000 Olympus serving as the new global headquarters for Brinker International and Nokia operating as the anchor tenant at 3100 Olympus.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Trey Morsbach and Managing Director Jim Curtin.
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 investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Deal secured by Holliday GP Corp. (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About Allianz
The Allianz Group is one of the world's leading insurers and asset managers with more than 92 million retail and corporate customers. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 673 billion euros on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage more than 1.4 trillion euros of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we hold the leading position for insurers in the Dow Jones Sustainability Index. In 2018, over 142,000 employees in more than 80 countries achieved total revenues of 131 billion euros and an operating profit of 11.5 billion euros for the group.
About Allianz Real Estate
Allianz Real Estate is the dedicated real estate investment manager within the Allianz Group and has grown to become the world’s largest investor in real estate. The firm develops and executes worldwide tailored portfolio and investment strategies on behalf of a range of global liability driven investors, including Allianz companies, creating value for clients through direct as well as indirect investments and real estate loans. Headquartered in Munich and Paris, the operational management of investments and assets is performed out of 19 offices in key gateway cities across 5 regions (West Europe, North & Central Europe, Switzerland, USA and Asia Pacific). As at 30 June 2019, Allianz Real Estate held 67.1 billion euros assets under management. For more information, please visit: allianz-realestate.com.