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Witkoff Group is shopping a suburban Dallas office complex occupied by AT&T Wireless under a long-term net lease.

The 254,000-square-foot complex, at 5601 Legacy Drive in Piano, could attract bids of $60 million, or $235/sf. At that price, the buyer's initial annual yield would be 8%. CB Richard Ellis has the listing.

AT&T Wireless has a triple-net lease through 2012. The rent, now $18.75/sf, jumps by $2/sf in 2008. There are two five-year extension options, at rents of $23.75/sf and $26.75/sf.

The cell-phone company agreed earlier this month to be acquired for $41 billion by Cingular Wireless, a joint venture between SBC Communications and BellSouth. That would actually be a plus for a buyer of the property, because Cingular's credit rating of single-A-minus is higher than AT&T Wireless' rating of triple-B.

Koll Development constructed the two-building campus in 1999 and sold it to New York-based Witkoff in 2001. The property, located one block east of the Dallas North Tollway, includes a 354-car garage and surface parking.

For more information, call Russell Ingrum of CB at 972-458-4967.