Cross Ocean and Lincoln buy 1.08M-SF Dallas office campus

Cross Ocean Partners and Lincoln acquired The Colonnade, a three-tower, 1.08 million-square-foot office campus on 12.48 acres in Dallas. The joint venture is committing $100 million to reposition it, Connect CRE reported. The purchase price was not disclosed.

Fortis Property Group owned the property from 2013 until it defaulted on a $223 million loan in 2024, leading to receivership, according to Connect CRE. The campus is on the Dallas North Tollway between Belt Line Road and Arapaho Road.

At $100 million across 1.08 million square feet, the repositioning spend is roughly $93 per square foot on top of the purchase price.

The partnership plans to enhance the campus's existing fitness center, conference facilities and glass atrium lounge. It also plans to add an artisan coffee shop, tenant lounges, outdoor gathering spaces, a pickleball court, an indoor golf simulator and expanded dining options. The first phase of upgrades is expected to be delivered through 2027. Lincoln will provide leasing and management, with Jake Young, Christian Munoz and Hudson Dozier leasing the property.

The Colonnade is Cross Ocean's ninth U.S. office acquisition since 2024, Connect CRE reported. Lincoln has been buying elsewhere too: as Private Wealth Daily previously reported, it and DRA acquired a 299,000-square-foot industrial portfolio in Portland in October.