Brookfield Real Estate Opportunity Fund I, a private fund established by Brookfield Asset Management, has sold the Convergence Office Center in Dallas for $123 million. Convergence is a 950,000 sq ft, 10 building office/data centre property situated on 185 acres in Lewisville, Texas. The transaction included nine office/data centre buildings totalling 846,000 sq ft along with approximately 40 acres of development land. The Fund retained approximately 12 acres of land for future retail development.
The Fund was represented in the sale transaction by CBRE and Cassidy Turley. At sale, Convergence was 95% leased on a long-term basis.