December 9, 2023
RICHARDSON – One of the nation’s largest property sales of 2023 took place with a 2.2 million-sf office complex in the Telecom Corridor.
The four-building CityLine office tower complex at Bush Turnpike and Plano Rd. houses 10,000 State Farm employees. It is the centerpiece of the mixed-use, $1.6 billion CityLine development.
The sale also included 120,000 sf of retail space and a 42,000-sf medical office.
Newmark Group marketed the complex. The buyer’s name was not disclosed.
In 2016, the complex was acquired by a partnership between South Korean-based Mirae Asset Global Investments and Transwestern Investment Group for $800 million.