Texas

DALLAS — Red River Asset Management has purchased the four-story, 239,000-square-foot 12404 Park Central, an office building located in Dallas. Red River purchased the property from Oaktree Capital, and is set to secure a seven-year lease extension with its largest tenant, MEplusYOU. John Beach of Jackson Cooksey represented the tenant in the lease transaction. Red River is partnering with Merriman Associates/Architects to update the building's lobby finishes, 3,000-gallon fresh water aquarium, multiple water features and living plant walls. John Alvarado of Jones Lang LaSalle, now with CBRE, represented the seller in the transaction. Lincoln Property will manage the building and Grant Sumner of Peloton will retain leasing services. Gabriel Silverstein and Louis D'Lando of New York City-based Angelic Real Estate arranged the loan through Texas-based American National Insurance Co., as well as provided acquisition services to Red River.

HOUSTON — Trammell Crow Co., in a joint venture with Principal Real Estate Investors (PREI), plans to develop the 456,000-square-foot Noble Energy Center Two, a 20-story office building that will serve as the headquarters for Noble Energy, in Houston's Northwest submarket. The property features an eight-story parking garage as well. Trammell Crow and PREI purchased the adjacent Noble Energy Center One and an adjacent land parcel for the development of Noble Energy Center Two in May 2011. The two properties will be connected via an elevated sky bridge. Construction is set to begin this summer with an expected completion in mid-2015. The development team, including Kirksey Architects, is aiming to achieve LEED Silver certification. Jim Arket and Mona Williams of James Arket and Co. represented Noble Energy in the lease transaction for the build-to-suit property. Aaron Thielhorn, Kevin Schmok and Brandon Houston of Trammel Crow, along with Joe Wanninger of PREI, will lead the development team.