A three-tower office campus along the Dallas North Tollway in Addison has new owners, and they've committed $100 million to a repositioning that includes pickleball courts and an indoor golf simulator. Cross Ocean Partners and Lincoln Property Company acquired The Colonnade, a 1.08 million-square-foot complex between Belt Line and Arapaho roads, through a receivership sale.
The deal was arranged on behalf of Trigild and CWCapital, according to Newmark, which brokered the transaction. Newmark places the campus on approximately 12.4 acres at 15301, 15303 and 15305 North Dallas Parkway, while Connect CRE puts the footprint at 12.48 acres. The sale price was not disclosed, and the deal ranked among North Texas's largest office sales this year, according to The Dallas Morning News.
A Faded Tollway Landmark Gets a New Playbook
The Colonnade includes two of the lower Dallas North Tollway's largest contiguous blocks of available office space, per the Dallas Morning News reporting. The new ownership group is committing $100 million to reposition the property, with plans for an artisan coffee shop, tenant lounges, outdoor gathering spaces, a pickleball court, an indoor golf simulator and expanded dining, according to the same Connect CRE report.
Newmark notes the campus had already received roughly $10 million in upgrades in recent years, including work on its fitness center, conference facilities and building systems. Even so, vacancy had crept up in recent years at the property, the Dallas Business Journal has reported. The first phase of the new round of upgrades is expected to be delivered through 2027, per Connect CRE.
From Default to Receivership
Fortis Property Group owned The Colonnade before the sale and defaulted on a $223 million loan in 2024, which triggered the receivership process, according to Connect CRE's reporting. Lincoln Property Company will handle leasing and management for the project going forward, the same outlet notes.
Newmark's Managing Director Stephen Schwalb, Vice Chairmen Chris Murphy, Robert Hill and Gary Carr, and Director Austin Sheahan represented the seller in the transaction. The sale lands amid a broader North Texas office glut: available office space in the region reached a 10-year high this year, with roughly 171 properties representing 10.9 million square feet on the market as of mid-July, according to CoStar data cited by the Dallas Morning News.
The Colonnade's new owners are planning amenity-driven upgrades as the campus faces a crowded market, even as the broader office sector continues to work through a glut of vacant space across North Texas.
