Hobbs Brook Real Estate acquired 17 Cowboys Way, a roughly 300,000-square-foot Class A-plus office building, from Jones’ Blue Star Land Phase IV LLC. Hobbs Brook announced the deal Wednesday. Collin County deed records show the transaction closed in late June.
Financial terms were not disclosed. Hobbs Brook declined to provide the sales price, and Blue Star did not immediately respond to questions regarding the transaction. Real estate firm Newmark served as an adviser in the transaction. The Collin County Appraisal District values the property at $146.2 million for tax purposes.
The 11-story building is 98% leased, and tenants include Fifth Third Bank, Cain Watters & Associates, McAfee and Baker Tilly US. The transaction marks Hobbs Brook’s entry into the Texas market. The firm targets “high-quality office assets in growth-oriented markets with strong demographic and economic fundamentals” and could expand further in Dallas-Fort Worth.
“Frisco continues to emerge as a leading corporate destination, and this property — anchored by a high-quality tenant roster, strong occupancy and a differentiated amenity base — is well-positioned to deliver durable long-term performance,” Peter Gottlieb, president and CEO of HBRE, said in a statement.
Blue Star Land — the real estate firm founded by Jones — and developer Lincoln Property Co. started construction on the glass office building in 2021. Dallas architect HKS designed the tower and interiors. The building was the first multitenant office to open at The Star since the Cowboys’ original headquarters building in 2016.
Situated on 91 acres, The Star is a $2 billion mixed-use development in Frisco that is anchored by the Cowboys’ world headquarters and practice facility.
Dallas-Fort Worth is one of the nation’s strongest office markets as rents for Class A properties hit a record high. Net absorption between known move-ins and office exits are expected to show the strongest occupancy gains in North Texas in nearly a decade, according to a second-quarter 2026 office report from real estate firm Cushman & Wakefield.