Hobbs Brook Real Estate Acquires Blue Star Properties' Fifth Third Tower at The Star in Frisco
Massachusetts-based Hobbs Brook Real Estate has purchased the Fifth Third Bancorp tower at The Star from Jerry Jones' Blue Star Properties Land LP, marking the firm's first acquisition in the Texas market, the companies announced July 30, 2026.
The property, located at 17 Cowboys Way in Frisco, Texas, is an 11-story, 300,000-square-foot multitenant office building situated within The Star, the mixed-use campus anchored by the Dallas Cowboys' corporate headquarters. The building sits across the street from Twelve Cowboys Way, a luxury residential high-rise, underscoring the live-work-play character of the broader development.
Peter Gottlieb, president and CEO of Hobbs Brook Real Estate, said in a statement the company is excited to have a presence in what it describes as "one of the country's most dynamic mixed-use environments," which he said is positioned for "long-term performance." Financial terms of the transaction were not disclosed.
Asset Profile and Tenancy
The tower is the first multitenant office facility built at The Star since the Cowboys opened their headquarters in 2016. Its tenant roster includes Cain Watters & Associates, McAfee, Fifth Third Bank, and Baker Tilly — a mix of professional services, financial, and technology occupiers consistent with the flight-to-quality demand that has characterized the upper tier of the U.S. office market in recent years.
The building's integration into The Star's broader mixed-use environment — which includes retail, restaurants, a hotel, practice facilities, and residential — positions it as a destination corporate environment rather than a standalone office asset.
Hobbs Brook's Texas Market Entry
Hobbs Brook Real Estate, the real estate investment arm of FM Investment, has historically concentrated its portfolio along the Massachusetts Route 128 corridor, where it operates amenitized suburban office and mixed-use campuses. The acquisition of 17 Cowboys Way represents a geographic expansion into one of the fastest-growing office and residential submarkets in the Dallas–Fort Worth metro.
The firm's strategy in its core New England markets has centered on replicating urban walkability and amenity-rich environments in suburban settings — a model that aligns closely with The Star's design and positioning. The Frisco acquisition extends that approach into the Texas Sun Belt, where employer demand for high-quality, experience-oriented office space has remained resilient.
Blue Star's Disposition and Market Context
Blue Star Properties and Blue Star Land LP, the real estate entities controlled by Jerry Jones and tied to the Cowboys organization, developed The Star campus and have been active in shaping the Frisco submarket since the headquarters complex opened a decade ago. The sale of 17 Cowboys Way represents a monetization of a stabilized institutional-quality asset within that portfolio.
The transaction comes as the broader U.S. office investment market has shown signs of recovery. Office investment volume surged approximately 20% in the first quarter of 2026, with improving absorption, tightening vacancy, and rent growth reported across high-quality assets in major markets. Trophy and Class A suburban office properties in high-growth Sun Belt metros have been among the stronger performers, drawing capital from investors seeking well-leased, modern environments with strong tenant profiles.
About the Firms
Hobbs Brook Real Estate LLC is the real estate investment and operating arm of FM Investment, based in Massachusetts. The firm owns and operates office and mixed-use properties with an emphasis on suburban corporate campuses. Blue Star Land LP is a real estate entity associated with Jerry Jones and the Dallas Cowboys organization, and is the developer behind The Star mixed-use campus in Frisco.
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