Prudential to Buy 2 Koll Buildings in Dallas
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NEWPORT BEACH — Developer Koll Real Estate Group agreed to sell two partially completed office buildings near Dallas to an investment fund managed by Prudential Real Estate Investors.
The Prudential Real Estate fund agreed to pay a reported $45 million for the buildings. Koll officials declined to confirm the price for the five-story buildings but said it was well above the cost to construct them.
The sale will close when the building is ready for occupancy in the middle of 1998. Northern Telecom Ltd. has agreed to lease the buildings, which contain 300,000 square feet of space altogether, once they are complete, according to Prudential Real Estate.
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