The 12-story Encana Tower was completed earlier this year. (DMN files)
A new Plano office tower has been snapped up by an Arizona-based investor which paid a top-market price.
Cole Real Estate Investments bought the recently-completed Encana Oil & Gas tower on the Dallas North Tollway in Legacy business park.
The 12-story, 318,600-square-foot office tower is fully leased to the Canada-based energy firm, Encana.
Cole Real Estate said Wednesday it paid $120 million for the tower.
The purchase price ? more than $375 per square foot ? is one of the highest paid recently for a local office property.
Encana will continue to occupy the building on a 15-year lease.
Cole executive vice president Thomas Roberts said ?the strategic importance of this facility, attractive location and recent construction, make this an ideal investment.?
Gary Carr, vice chairman in the Dallas office of CBRE Group brokered the sale.
Dallas developer KDC built the Encana tower which is located on the east side of the tollway just north of Legacy Drive. The property includes room for Encana to expand with further office construction.
Phoenix-based Cole Real Estate owns 70.6 million square feet of commercial real estate in 47 states.
In the Dallas-area, Cole?s holdings include the Cigna Pointe office building in Plano and the AT&T office building in Pinnacle Park, west of downtown Dallas.
Cole?s just-completed Plano purchase is the second major office sale in Legacy business park so far this year.
In May, investor KBS Real Estate paid $113 million ? or about $217 per square foot ? for three Legacy Town Center office buildings. CBRE?s Carr brokered that sale, too.
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