Cross Ocean, Lincoln Buy 1M-SF Dallas Offices, Plan $100M Makeover
Why this matters
Office continues to trade in two distinct markets: trophy assets in walkable submarkets that are leasing at or near record rents, and commodity Class B and C buildings where the basis is still resetting. Underwriting on the latter has moved toward replacement-cost-minus, with credit underwriting now leaning on tenant covenant and remaining lease term rather than mark-to-market expectations. Dallas-Fort Worth continues to absorb the largest multifamily delivery pipeline in the country. Industrial along the I-35 corridor is clearing at competitive basis, and selective office is finding bids at deep discounts to replacement. For LP-positioned capital, the read-through is that the bifurcation is now a structural feature of the sector, not a cycle to wait out.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
- The ninth Dallas story tracked on the wire in November 2026. All Dallas coverage →
- Disclosed office deal value tracked in November 2026: $3B across 9 reported transactions. All Office coverage →
Computed from Real Estate Trail’s own tracked coverage
Cross Ocean Partners and Lincoln have acquired The Colonnade, a three-tower, 1.08 million-square-foot office campus on 12.48 acres along the Dallas North Tollway between Belt Line Road and Arapaho Road. Fortis Propert…
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