Uptown Dallas' $350 Million Union Project Just Hit the Market and Could Set Price Record

Uptown Dallas' newest and most successful high-rise development is up for grabs.The 3-building Union project just north of downtown was completed earlier this year and is being offered for sale.The $350 million project on Field Street was built by Phoenix-based of RED Development and includes an office tower, retail center and a luxury apartment high-rise.Commercial property firm JLL has been hired to find a buyer for the 21-story office tower and connected 85,375 square feet of retail.The office building is about 93% leased with major tenants including Salesforce, law firm Akin Gump and accounting firm Weaver.The retail section of the project includes a Tom Thumb grocery store and The Henry, North Italia and TacoLingo restaurants."The Union's residential component, The Christopher (309 units), is currently in lease-up and will be offered to the market upon stabilization," according to JLL's marketing pitch.The Union is likely to be the most sought after, high-profile property to hit the market in Dallas this.Several other major buildings - including downtown's largest Bank of America Plaza - and other prime properties throughout the area are also being marketed for sale.But with it's Uptown location, strong tenant roster and architecture, the Union is likely to set a record price for Dallas.Downtown's new 1900 Pearl office tower sold earlier this year for almost $700 per square foot - the highest price ever paid for a Texas office building.  Continue reading...

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