Dallas skyscraper Bryan Tower is now pending sale, marking the biggest increase in office building investment activity since the pandemic began.
The office tower, located on the northeast side of downtown Dallas, was built in 1973. Standing at 40 stories, it is one of the first contemporary glass high-rises created in the city.Â
According to The Dallas Morning News, the building has been on the market for lenders since this summer.
Earlier this year, the 1.1 million-square-foot infrastructure was only 35% occupied when lienholders announced the loan was in default by $70 million and had to foreclose the property.
The filing stated, “Whereas a default has occurred in the payment of the indebtedness and such default has not been cured.” The foreclosure sale was arranged on June 1.Â
Woods Capital, a Dallas-based real estate firm, has its eye on the property and is currently negotiating terms. Officials for the company state that Woods Capital already owns the half-acre parking lot near Bryan Tower.
The real estate company has already remodeled the 50-story building on Elm Street formerly known as Thanksgiving Tower, now called Santander Tower. It also has many other business investments in the central area.
The purchase of the Bryan Tower is not the only building sale happening in the downtown area. Other investment companies are looking to acquire and remodel downtown buildings.
Regent Properties, a California-based investor, has discussed buying the landmark Trammell Crow Center tower on Ross Avenue. The 50-story building was recently renovated for $135 million.
Another tower is set for renovations by Dallas’ Todd Interests. The 49-story Energy Plaza on Bryan Street will transform from an office building to a combination of both offices and apartments.
In North Texas, building investments have picked back up in recent months after their abrupt decline during the pandemic.
