Cross Ocean Partners, Lincoln Property Company Acquire 1.08M-SF Colonnade Office Campus in Addison, Texas

Cross Ocean Partners and Lincoln Property Company have acquired The Colonnade, a three-building, 1.08-million-square-foot office campus along the Dallas North Tollway in Addison, Texas. Newmark announced Nov. 3 that it arranged the sale, which was completed through a receivership process on behalf of Trigild and CWCapital.

Receivership Sale Moves Addison Office Campus to New Owners

The Colonnade is located at 15301, 15303 and 15305 North Dallas Parkway and occupies approximately 12.4 acres in the Lower Tollway submarket. The campus sits between Belt Line and Arapaho roads. Its three office towers, reported at 12, 14 and 16 stories, are connected by an enclosed four-story atrium. The campus is LEED Gold-certified.

The property's prior owner, Fortis Property Group, defaulted on a $223 million loan that was transferred to a special servicer in 2023, setting up the receivership process that led to the sale. The sale is considered one of the largest North Texas office transactions of 2026.

Newmark Team Represents Seller

Newmark Managing Director Stephen Schwalb, Vice Chairmen Chris Murphy, Robert Hill and Gary Carr, and Director Austin Sheahan represented the seller in the transaction.

"Executing a transaction of this scale through a receivership process required deep coordination across all stakeholders," Schwalb said. "We value the trust Trigild continues to place in our team and are pleased to have helped bring another significant assignment to a successful close."

Murphy said buyer interest reflected the property's characteristics. "The depth of investor interest in The Colonnade highlights the continued demand for institutional-quality office assets in premier locations," he said. "Buyers were drawn to the property's scale, market position and repositioning potential."

Newmark said strong historical tenancy and proximity to affluent residential neighborhoods, hospitality destinations and Belt Line Road's restaurant corridor also supported buyer demand.

Property Upgrades and Planned Investment

The campus has received approximately $10 million in upgrades in recent years, including enhancements to its fitness center, conference facilities and building systems, according to Newmark. The firm said the property's visibility along the Dallas North Tollway, flexible floor plates and abundant parking position it for future leasing and value-creation initiatives.

The buyers intend to spend approximately $100 million on improvements to the campus, a figure well above the recent upgrade spending cited by Newmark.

Newmark's Track Record With Trigild

Newmark said the sale builds on its record advising Trigild on complex office dispositions. Transactions completed by the team include the 2026 sale of Houston's 53-acre Greenway Plaza campus and the 2024 sale of the 807,354-square-foot Lakeside Campus in Richardson, Texas.

Office Market Context

The transaction comes as the office sector shows uneven recovery. U.S. office leasing activity rose 18% nationally in the third quarter of 2026, and office attendance reached 74.5% of September 2019 levels in September 2026, up from 71.6% a year earlier. Demand has improved for well-located, high-quality buildings, while financing conditions and uncertainty around office cash flows continue to pressure assets with significant rollover, capital needs or elevated debt burdens.

Newmark reported third-quarter 2026 revenue of $973.2 million, up 12.7% from $863.5 million a year earlier. Leasing revenue rose 26.5% year over year to $308.6 million, while capital markets revenue declined 4.4% to $288.2 million.

Sources

Newmark press release, Nov. 3, 2026: https://www.nmrk.com/insights/press-releases/newmark-arranges-sale-of-the-colonnade-a-1-08m-sf-office-campus-in-addison-texas