NH Investment, KB Asset buy office building in Texas at $370 mn

2020.02.21 11:03:31 | 2020.02.21 11:04:00

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NH Investment & Securities Co. and KB Asset Management Co. have acquired an office building in Dallas, North Texas of the U.S. for $370 million from U.S.-based real estate developer RED Development.

The Union building, located near Uptown Dallas, is a three-building mixed-use development completed in 2018, which consists of a 22-story office tower, retail space and an apartment complex.

The acquisition deal includes only the office and retail spaces, not the apartments.

The office tower is now more than 93 percent leased to tenants including cloud software developer Salesforce, accounting firm Weaver, and law firm Akin Gump. The retail space is anchored by a Tom Thumb grocery store and other restaurants.

NH Investment & Securities and KB Asset Management for the acquisition took a five-year, fixed-rate $222 million loan from Goldman Sachs, according to a report from The Dallas Morning News. The remaining $150 million will be financed from KB Asset Management’s real estate fund.

NH Investment & Securities recently has expanded its alternative assets investment division to focus more on investing in profitable real estate properties at home and abroad.

By Chung Seung-hwan and Lee Ha-yeon

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