One of the largest corporate campuses in North Texas, the CityLine office complex in Richardson, is on the market.
The four-building development at 1415 State Street houses State Farm Insurance’s regional offices and spans nearly 2.3 million square feet, the Dallas Morning News reported.
It last sold for $800 million in 2016, when it was one of the biggest real estate transactions in Dallas-Fort Worth. The current owners include Mirae Asset Global Investments, a South Korean investment fund and Houston-based Transwestern Investment Group.
State Farm, which has 10,000 employees at CityLine, remains its primary tenant under a long-term lease. But the insurance giant is trying to sublease 400,000 square feet.
CityLine is part of the $1.6 billion mixed-use development initiated by Dallas-based developer KDC. The project encompasses offices, retail, apartments, townhomes and a hotel.
Newmark is marketing the property, which is 98-percent occupied. The brokerage expects strong global interest due to the high-credit rating and quality of the asset.
Construction on the 186-acre campus began in 2013, and in addition to State Farm, Raytheon Technologies has a sizable office on site.
At full build out, CityLine is expected to have 5 million square feet of office, 3,900 multifamily units, plus retail and restaurants.
The complex is now the largest commercial property available for sale in the Dallas-Fort Worth region.
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Commercial property sales have experienced a slowdown due to a number of factors that include rising interest rates and economic uncertainty. While Dallas still ranks second in the nation for commercial sales, transactions were down dramatically in the first quarter of this year, compared to the same period in 2022.
—Rachel Stone