A recently renovated Turtle Creek office high-rise has been purchased by the State Teachers Retirement System of Ohio.
Built in 1972, 3131 Turtle Creek was one of the first towers in the Dallas neighborhood. It was bought by Cardinal Capital Partners Inc. in 2014, which then gave the structure a near $10 million makeover.
The $77 billion fund reportedly bought the building for around $50 million, or slightly more than $350 per square foot. According to the Dallas News, the retirement system holds roughly $7.7 billion in real estate and is looking to buy more property in the Dallas area.
The Ohio retirement system has a funded status of 75.1%. Most recently, the retirement benefit system examined the pros and cons of reducing the risk in its healthcare portfolio at its April board meeting. Also discussed were the proposed system budgets for the 2019 fiscal year.