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Canal Plaza sold in Las Colinas.

Greystone Realty Corporation, one of the country's largest real estate investment advisors, has sold New York Life Insurance Company's interest in Canal Plaza, a 10-story office building in the Urban Center of Las Colinas in Irving, Texas, to Fidelity Investments, an anchor tenant in the building.

Terms of the transaction were not disclosed.

The sale included the 100 percent occupied, 234,207 square foot building at 400 East Las Colinas Boulevard, and an adjacent six-level, 847-car parking garage. Fidelity Investments and PHN Homequity together lease 90 percent of the space in the building.

Negotiating the transaction were Greg Colchin, an asset manager with Greystone Realty Corporation, who represented owner New York Life Insurance Company, and Judith Webster, who represented Fidelity Properties, Inc.

The Urban Center is the commercial core of Las Colinas, a 12,000-acre, master-planned development located 10 miles west of Downtown Dallas and six miles east of D/FW International Airport. Las Colinas is a dominant office submarket in Dallas, having absorbed more than 700,000 square feet of space on average in each of the past seven years.
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Title Annotation:office building in Irving, Texas
Publication:Real Estate Weekly
Date:Oct 21, 1992
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