AXA Investment Managers-Real Assets has completed the acquisition of a 264,000sqft office building in Dallas, Texas for an undisclosed sum.
The Paris-headquartered investment manager said it acquired a majority stake in the office property on behalf of one of its clients, alongside joint venture partner PRP.
The office asset was built in 2015 and is fully leased.
Steve McCarthy, head of North America at AXA IM-RA, said: “This acquisition marks our second investment in the Dallas real estate market, which has proved a top performer in the US, benefitting from strong employment growth and supportive demographic trends.
“We are pleased to gain exposure to the robust Legacy West office hub and aim to generate durable rental income for our clients while assessing longer term asset management initiatives associated with excess land being acquired.
“Having already established a successful partnership with PRP through our joint ownership of The Beacon at Waugh Chapel, a multifamily property near Washington DC, we are pleased to build on our strong foundations as we undertake this latest venture.”
Today’s transaction follows AXA IM-RA’s acquisitions, on behalf of clients, of Montgomery Tower, a 367,000sqft office asset located in downtown Bethesda, Maryland and University Center Chicago, a 1,732-bed student housing property located in downtown Chicago, Illinois.