Addison High-rise Complex Lands $63 Million in New Funding

One of the largest office complexes in Dallas' northern suburbs has landed $63 million in new financing.The Colonnade has more than 1 million square feet of office space in three high-rise buildings on the Dallas North Tollway in Addison.Built in the 1980s, the property is owned by New York-based Fortis Property Group and has been substantially upgraded in recent years.Denver-based EverWest Real Estate Investors teamed up with its Korean investment clients to provide the new loan for The Colonnade."The Colonnade is a true trophy asset that has been meticulously owned and managed by an experienced institutional team," EverWest's Zi Chong said in a statement. "The capital improvements and leasing activity that has taken place here has established a strong leasing history, allowing The Colonnade to take full advantage of its premier location and area demographics."Fortis acquired the buildings in 2013 and made $32.5 million in renovations. The Colonnade is now more than 90 percent leased.Major tenants in The Colonnade include Hilton, United Surgical Partners, Zurich American Insurance, HQ Global Workplaces and Systemware.  Continue reading...