A California-based real estate investment company has acquired a 20-story tower close to Uptown Dallas through a foreclosure auction.
The office tower at 2828 N. Harwood St. was sold to Spear Street Capital out of San Francisco for an undisclosed sum. The auction occurred on April 1 in downtown Dallas outside the George Allen Courts Building.
Spear Street has brought in Austin-based HPI Real Estate Services & Investments to lease and manage the building known as Harwood No. 4. Hunter Lee, Luke Aviles, and Ben Cuzen of HPI are leading what is expected to be a multimillion-dollar project to renovate the 239,316-square-foot tower.
Cuzen, an executive managing director at HPI, told CoStar News that the company has already started contacting architects to introduce new amenities to the building before the end of the year. Once the refresh is complete, Harwood No. 4 could eventually include a tenant lounge, coffee bar, and fitness center.
“We’re extremely bullish about the market, with there being a lack of new supply and the velocity and the size of office deals continuing to grow,” Cuzen said about the prospects for the tower.
Harwood International, the previous owner, confirmed to CoStar News that the company no longer owns the building. According to the real estate developer, time ran out to recapitalize the office tower.
“There has been a recent change in the ownership of 2828 N. Harwood Street,” Harwood International Chief Financial Officer Justin Burleson said in a statement emailed to CoStar News.
“We were in discussions with equity investors to recapitalize the property but ultimately ran out of time to finalize those arrangements… As we are fully committed to the long-term stewardship and success of the Harwood District, we will work diligently to ensure a smooth transition for all parties.”
While the sale price was not released, the last time Dallas County assessed the building, it was valued at $80.8 million.