Steven Rawls Of Lone Cypress Realty Acquires Office Building In Addison From DRA Advisors
15301 Spectrum Drive
Building Size
118,000 SF
Asset Type
Office
Closing
Dec 16, 2025
About this deal
AI
The property involved in the transaction is an office building located at 15301 Spectrum Drive in Addison, Texas. This asset, known as The Spectrum, encompasses a total area of 118,000 square feet. The building was constructed in 1983 and underwent renovations in 2016. It currently has a leasing occupancy of 76% and features amenities such as a deli, conference center, and covered parking.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 15301 Spectrum Drive
- Market: Addison
- Asset Size: 118,000 SF
- Buyer: Steven Rawls - Lone Cypress Realty
- Seller: David Luski - DRA Advisors
- Broker: Cody Payne - Colliers
- Leasing Occupancy: 76%
- Year Built: 1983
- Year Renovated: 2016
In this transaction, Steven Rawls from Lone Cypress Realty acquired the property from seller David Luski of DRA Advisors. The sale was facilitated by broker Cody Payne from Colliers, highlighting the brokerage involvement in the deal.
On the Map
Office
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Addison Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93