Brookwood Financial Partners, LLC (“Brookwood”) a New England-based investment group, has awarded Cushman & Wakefield of Texas, Inc. (C&W) the property management and exclusive agency leasing assignment for Heritage Square I & II, a two-tower office complex located on the Dallas North Tollway. Ownership recently purchased the property from Dallas-based Silvertree Partners. J.J. Leonard, Matt Schendle, Meredith Durham and Rena Chappell of C&W will oversee leasing at Heritage Square I & II effective immediately. Scot Farber and Tom Strohbehn of C&W brokered the sale.
“We have plans to invest over $6 million in targeted capital improvements in Heritage Square I & II, including upgrading the landscaping and renovating the entrances, lobbies, common areas, bathrooms, café and conference and adding fitness centers,” stated Thomas W. Brown, Brookwood’s Director of Acquisitions. “As a well-capitalized owner focused on repositioning the property and working with C&W to lease the space, we feel confident in our ability to execute the business plan of the asset over the next few years,” he added.
Heritage Square consists of two high-rise office structures, 10-story and 11-story mirror glass towers totaling 359,758 square feet. The office complex, which offers frontage on the Tollway and direct access to LBJ Freeway, is currently 60% leased to a diversified tenant base.
“We are very excited about the opportunity to partner with a strategically-minded group like Brookwood on such a well positioned asset,” said Mr. Leonard. “They have a clearly defined objective to reposition the property, and with the LBJ Freeway construction completion date nearing, the timing could not be better.”
With the addition of Heritage Square, C&W’s Investor Services Group now leases and manages more than 16.4 million square feet of office property in the Dallas/Fort Worth area.