Admiral Capital Group of New York, a real estate investment firm co-founded by NBA Hall of Famer, David Robinson bought Fourteen555, a 249,564-square-foot building on the Dallas North Tollway in Addison. Completed last year by developer Cawley Partners, the building is 95% leased to tenants including Occidental Chemical. This is the company’s third office purchase in North Texas.
“We are studying the top 25 markets around the country,” said Admiral Capital co-founder and managing partner Dan Bassichis. “To us, Dallas is one of the top markets. That’s the reason we made a few investments recently.”
Bassichis, a former investment banker with Goldman Sachs, created the firm with David “The Admiral” Robinson, who played 14 years for the San Antonio Spurs. Bassichis said Robinson is still a player in the firm but the company has broadened its investors.
The Fourteen555 property includes a six-story office building and a three-story amenity building, which houses a restaurant, fitness center and an open-air covered terrace. The office campus has a Common Desk coworking center and an Ascension coffee house and restaurant.
“It is really a high quality property — pretty visible on the tollway,” said Admiral Capital partner Andy Stone.
Admiral Capital now owns more than a half million square feet of office space in the Dallas area, Stone said. Earlier this year, Admiral Capital bought the Parkwood Place office building in Plano’s Legacy business park and the Duke Bridges III building in Frisco.