Cross Ocean Partners and Lincoln Property Company Acquire The Colonnade in Addison, Plan $100M Repositioning

ADDISON, Texas — Cross Ocean Partners and Lincoln Property Company have acquired The Colonnade, a three-tower, 1.08 million-square-foot office campus in Addison, Texas, and are committing $100 million to reposition the property, the firms announced Nov. 3, 2026.

The campus sits on 12.48 acres along the Dallas North Tollway between Belt Line Road and Arapaho Road. Cross Ocean Partners, a global asset management platform focused on special situations, credit and hard asset investments, and Lincoln Property Company, which operates under the name Lincoln, formed a joint venture for the purchase.

The Colonnade Acquisition: Deal and Property Details

The Colonnade comprises three office towers at 15301, 15303 and 15305 North Dallas Parkway in Addison. The campus is in the Lower Tollway submarket and includes an enclosed, four-story atrium connecting the buildings.

The sale was conducted through a receivership process on behalf of Trigild and CWCapital, with Newmark representing the seller. The transaction closed around Oct. 30, 2026. The property was approximately 59% leased at the time of the acquisition, indicating roughly 41% vacancy.

Lincoln will provide leasing and management for the project. Jake Young, Christian Munoz and Hudson Dozier will lease the property.

$100M Repositioning Plan for the Addison Office Campus

The joint venture plans to enhance the campus's existing fitness center, conference facilities and glass atrium lounge. New offerings will include an artisan coffee shop, tenant lounges, outdoor gathering spaces, a pickleball court, an indoor golf simulator and expanded dining options. Initial property improvements are underway, and the first phase of upgrades is expected to be delivered through 2027.

The $100 million commitment equals approximately $92.60 per square foot across the campus's 1.08 million square feet.

The partnership is also working with the Town of Addison to support the improvements through the Town's Office Amenity Grant Program, an economic development initiative that encourages reinvestment in existing office properties. The Town views partnerships with property owners as central to its economic development strategy, according to the announcement.

The Colonnade offers two of the largest contiguous blocks of available office space along the Lower Tollway, the firms said, with flexible floorplates, views and branding opportunities aimed at corporate headquarters and large enterprise tenants. The campus's location offers high-visibility signage, regional access and proximity to residential neighborhoods, as well as nearby shopping and dining, including Addison's Belt Line Road "Restaurant Row."

Executive Comments

"Lincoln and Cross Ocean are stepping in as hands-on, first-class operators committed to giving this asset the dedicated attention, energy and capital it deserves," said Chase Prospere, Senior Vice President at Lincoln. "We are executing a vision that will elevate the day-to-day tenant experience and solidify The Colonnade as one of the most sought-after office campuses in the submarket."

Terence Kim, Managing Director, US Credit at Cross Ocean Partners, said, "The Colonnade combines an established location along the Lower Tollway with the scale and flexibility to accommodate major corporate occupiers. Our investment will support existing tenants and provide the improvements and leasing capital needed to attract new companies to the campus."

Jake Young, Senior Vice President at Lincoln, said, "The Colonnade has always possessed an incredible location, seamless access and the best architectural bones, but many prospective tenants were hesitant to commit without a true Class-A sponsorship in place. Market confidence is being fully restored, as evident by the groups that have already engaged with us around this comprehensive repositioning and amenity overhaul, and we couldn't be more excited about our business plan and the current market demand."

Dallas Office Market Context

Dallas-Fort Worth office vacancy fell to 19.3% in the third quarter of 2026, while asking rents averaged $34.27 per square foot. Positive absorption and limited new construction were concentrated in stronger Class A properties. Another market measure placed Dallas office vacancy at 18.6% in September, down 360 basis points year over year, with average listing rates of $32.52 per square foot.

The recovery remains uneven. JLL reported 500,551 square feet of year-to-date positive net absorption through the second quarter, though total vacancy was still 26.5% under its methodology, with Class A direct asking rents of $42.86 per square foot. JLL also described a pricing divide in which capital is concentrating in high-performing submarkets, while secondary assets face conservative valuations and limited buyer interest.

Dallas office investment volume reached approximately $3.7 billion through September 2026, with office properties trading at about $196 per square foot, close to the reported national average of $197 per square foot. The broader market has also seen substantial recapitalization activity in place of conventional sales, as owners seek refinancing or equity partners rather than accepting distressed pricing.

Cross Ocean Partners' U.S. Office Strategy

The Colonnade is Cross Ocean Partners' ninth U.S. office acquisition since 2024, bringing the firm's total U.S. office footprint acquired over that period to approximately 5.6 million square feet. The firm said the transaction reflects a selective approach to office investing, targeting well-located properties at attractive entry pricing where committed capital and experienced operating partners can support long-term value creation.

Cross Ocean Partners has approximately $12.2 billion of assets under management and more than 90 employees across offices in Greenwich, Connecticut, London and Dublin. The firm is led by Graham Goldsmith, CEO and co-CIO, and Steve Zander, Head of Europe and co-CIO.

Lincoln Property Company is one of the largest private real estate firms in the United States, with a combined management and leasing portfolio on behalf of institutional clients that includes more than 720 million square feet of commercial space.

Outlook

With the campus approximately 59% leased, the repositioning will test whether amenity upgrades and new sponsorship can drive leasing at a large, underleased office property in the Lower Tollway submarket. The first phase of improvements is scheduled to be delivered through 2027.

Sources

• Lincoln Property Company: Cross Ocean Partners and Lincoln Acquire 'The Colonnade' in Addison, Launching a $100M Repositioning Program