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Plano tower sale hits near record price

A Plano office tower has sold for one of the highest prices ever paid for a suburban high-rise.

The former Encana Oil & Gas building located in Legacy business park sold for $123.3 million (£96 million) – or almost $386 (£303) per square foot – to Dallas-based Tier REIT.

The sale of the 12-story high-rise comes five years after the tower last traded for an estimated $373 (£293) per square foot or $120 million (£94 million). Tier REIT bought the 319,000-square-foot building located just east of the Dallas North Tollway from Arizona-based VEREIT.

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