New York Life Real Estate Investors closes on the acquisition of market ross place in Dallas, Texas
NEW YORK, December 27, 2016 - New York Life Real Estate Investors announced the acquisition, on behalf of institutional investors, of a mixed-use property known as Market Ross Place and the West End Parking Garage located in the historical West End district of the Dallas Central Business District.
1701 N. Market Street is a 5-story 141,098 square foot creative office building. In addition, the property includes a single story, 13,432 square foot retail/restaurant strip at 701 Ross Avenue and a 6-level garage containing 644 parking spaces located at 2020 Lamar Street. Market Ross Place was constructed in 1908 and is listed on the National Register of Historical Places. The property is currently 98 percent leased.
The new ownership team intends to complete a multi-million dollar renovation of the common areas and amenities. Lincoln Property Company, LLC, one of the joint venture partners, will manage and lease the asset.
About New York Life Real Estate Investors
New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company. Please visit New York Life Real Estate Investors’ website at http://www.newyorklife.com/realestateinvestors for more information.
New York Life Real Estate Investors is a full service, fully-integrated real estate enterprise with more than 100 professionals. The division has market-leading capabilities in origination, underwriting, and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans, commercial mortgage backed securities, and unsecured REIT bonds. With over $46.3 billion in assets under management as of June 30, 2016, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
About New York Life
New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States* and one of the largest life insurers in the world. New York Life has the highest possible financial strength ratings currently awarded to any life insurer from all four of the major credit rating agencies: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).** Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life Investments*** provides institutional asset management. Other New York Life affiliates provide an array of securities products and services, as well as retail mutual funds. Please visit New York Life’s website at www.newyorklife.com for more information
About Lincoln Property Company, LLC
Dallas-based Lincoln Property Company is one of the nation’s largest diversified commercial real estate companies, employing over 6,800 people in 32 states and 10 countries in Europe. Since its inception in 1965, Lincoln has developed over 128 million square feet of office, industrial, and retail projects as well as 209,000 apartment units. Stemming from its development and ownership background, Lincoln's operating platform seamlessly integrates its various service lines, provides for consistent and measureable performance and utilizes cutting-edge technology over its 350+ million square feet of managed assets.
**Individual independent rating agency commentary as of 6/9/16.
***New York Life Investments is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary, New York Life Investment Management LLC.
New York Life Insurance Company