The Apex
222 West Las Colinas Boulevard, #645E, Irving, Texas 75039
The Apex is a 526,000-square-foot Class-A+ office building in Las Colinas, Dallas, Texas. The property was 100% leased on a triple-net basis to NEC Corporation, the global Fortune 500 Japanese technology company which was vacating the property at the end of its lease term. Fortis acquired the property in June 2006 and bought out its equity partners in February 2015. Upon recapitalization, Fortis commenced a full-scale marketing campaign to address the pending vacancy. At the end of 2015, Fortis entered into a contract to sell the building to an end user, McKesson Corporation, for a purchase price that resulted in an overall transaction IRR in excess of 25%. Closing occurred in March of 2016.
526K
2
A
Square Feet
A+
A
+
Class office building
2006
9
Acquired
2016
9
Sold
Fortis acquired this property in June of 2006 and bought out its equity partners in February of 2015. Upon recapitalization, Fortis commenced a full-scale marketing campaign to address the pending vacancy. At the end of 2015, Fortis entered into a contract to sell the building to an end user, McKesson Corporation, for a purchase price that resulted in an overall transaction IRR in excess of 25%. Closing occurred in March of 2016.