One Empire Square Sold Private To Investor

DALLAS-One Empire Square, an 80,000 sf, six-story office building at 1140 Empire Central Drive in the Stemmons submarket, has been sold to an unidentified private investor. Senior director Jeff Smith and director Steve Simon, both of the Dallas office of Transwestern Commercial Services Investment Services Group, represented the seller in the transaction.

Brokers are not revealing any financial data on the transaction.

Smith did tell GlobeSt.com that the class B building is 65% occupied. The Stemmons submarket has not been very active of late, he says. Its 13 million sf of office space has an overall vacancy rate of 18%.

Smith says average lease rates for the submarket run $12 to $14 per sf. Smith’s and Simon’s team at Transwestern sold a portfolio of 14 buildings in mid-summer.