Developer Maguire Partners Buys High-Profile Texas Facility
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The developer best known for such downtown Los Angeles landmarks as Library Tower and Wells Fargo Center has purchased a high-profile development near Dallas for $330 million.
Maguire Partners Inc. recently bought out its joint-venture partner, IBM, in the 600-acre Solana business park 12 miles from Dallas-Fort Worth International Airport.
IBM and Maguire developed the huge property together in the late 1980s to accommodate the computer maker’s regional headquarters and other businesses. It now contains 2.2 million square feet of office space, a 200-room Marriott Hotel and several retail centers. But it also has entitlements for another 5 million square feet of development, which will be built in phases, said managing partner Robert F. Maguire III.
The next expansion will include a 100-room hotel addition and a 300,000-square-foot office building.
“We’re just building a big enough building to accommodate growth for our existing tenants,” Maguire said. Major businesses in the center include: Levi Strauss, Mercedes-Benz, Citicorp, Wells Fargo and the Sabre Group.
Credit Suisse First Boston financed the purchase.
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