Craig Hall's KPMG Plaza in downtown Dallas quietly sells to an investor
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Developer Craig Hall's development firm no longer owns the newly completed KPMG Plaza at Hall Arts after quietly selling to an investor.
Ever since the 18-story, 450,000-square-foot office tower was completed in 2015, Hall has been eyeing the next phase of Hall Arts and this deal would give him enough cash to move ahead on a luxury high-rise and boutique hotel.
Hall, chairman and CEO of Dallas-based Hall Group, has told me he'd like to get underway on the next phase of Hall Arts this year, but "we have a lot of ducks to get in a row."
The deal was an off-market transaction and the terms were undisclosed. Real estate sources estimate the deal closed at $500 per square foot, or roughly $225 million.
Hall Group confirmed the transaction, but declined to disclose details of the deal, which real estate sources interpret as Hall Group is maintaining control over the property.