Dallas Cowboys owner Jerry Jones’ real estate firm has sold the 17 Cowboys Way office building in The Star District in Frisco.
Blue Star Land Services sold the 313,417-square-foot, 11-story Class A+ office building to Massachusetts-based Hobbs Brook Real Estate, or HBRE. The acquisition marks the company's entry into the Texas market, according to an Hobbs Brook news release.
Zooming out
HBRE is the direct real estate investment arm of FM Investments, and a real estate investment, development and management firm. The company acquires, develops and manages sustainable Class A office space and corporate communities.
With its entry into the Texas market, HBRE joins real estate firms such as the Cheney Group and Momentum Realty at The Star.
According to the release, the office building is currently 98% leased to local tenants like Fifth Third Bank, McAfee, Wells Fargo and Baker Tilly US. On-site amenities include a fitness center, conference facilities and outdoor gathering spaces overlooking The Star District.
What they’re saying
“We are pleased to establish a presence in Texas with the acquisition of 17 Cowboys Way, a premier office asset within one of the country’s most dynamic mixed-use environments,” HBRE President and CEO Peter Gottlieb said in the release. “Frisco continues to emerge as a leading corporate destination, and this property—anchored by a high-quality tenant roster, strong occupancy and a differentiated amenity base—is well-positioned to deliver durable long-term performance.”
“HBRE’s disciplined approach to investing in high-quality assets in growth markets is directly aligned with FM Investments’ long-term strategy,” said Sanjay Chawla, FM Investments executive vice president and chief investment officer, in the release. “This acquisition reflects our continued focus on deploying patient capital into Class A+, well-located income-generating properties that offer both sustainability and the potential for sustained value creation over time.”
Looking ahead
HBRE's entry into the Texas market comes as Frisco continues to attract corporate headquarters, including Hershey, Raising Cane's, Toyota Financial Services and Public Storage.
The release states the acquisition reflects HBRE’s strategy of targeting “high-quality office assets in growth-oriented markets with strong demographic and economic fundamentals.” HBRE plans to pursue additional opportunities in the Dallas-Fort Worth area and other high-growth markets as part of its expansion strategy, according to the release.
Public deed records show the transaction closed June 23.
