Argosy Exits Landmark Center
On January 8, 2016, Argosy Real Estate Partners III and its parallel funds successfully exited their investment in the Landmark Center, a 131,000 square foot creative office space building in the West End district of central Dallas, Texas. The property was sold to an institutional investor.
Landmark was acquired in October 2014 by a partnership formed with Foundry Capital Partners. Following acquisition, the partnership executed a renewal with the building’s largest tenant as well as successfully increased occupancy from 85% to 97% through the execution of leases with several new tenants. The property also benefited from rapidly rising rental rates in the West End district as a result of significantly increased demand for creative office space, which is in limited supply in the Dallas market. Investor interest in the West End submarket also accelerated, with two significant acquisitions by institutional investors (in addition to Landmark) closing at strong valuations over the past six months.