A partnership of New York and local investors has purchased the 18-story Richards Group tower, home to the headquarters of the Dallas advertising and marketing firm by the same name.
The Richards Group had the edifice built by SBR Real Estate Holdings LP to serve as their headquarters, partnering with architect Perkins & Will to design a space that could accommodate over 600 employees.
Construction on the high-rise finished in 2014. Its 250,000 square feet of space overlooks the North Central Expressway at Blackburn Street.
Due to DART’s Cityplace light rail station location, the building is a highly trafficked area and a great place in Dallas for businesses to lease space.
Successful New York investor Angelo Gordon partnered with OliveMill Holdings and Hunt Realty Investments to purchase the tower.
The amount for which the property was sold is concealed, but it was initially worth $45 million and newly revalued for taxes at over $60 million.
According to the The Dallas Morning News, representatives for Angelo Gordon would not specify what the firm intends to do with the building.
Angelo Gordon, known for its multiple real estate holdings worth billions of dollars in the U.S. and abroad, created a deal to buy the tower from SBR Real Estate Holdings LP. The company raises funds to obtain properties worldwide, investing in offices, apartments, and warehouses.
Hunt Realty Investments is a major property firm, based locally in Dallas, currently in the midst of redevelopments in Downtown Dallas and Frisco.
OliveMill Holdings is a newly-formed firm that primarily deals with investing, leasing, managing, and developing properties in high-growth commercial and employment hubs.
Richards Group ultimately sold the tower due to a decrease in work personnel, resulting in loss of tax abatements.Â
In 2020, the firm let go many employees after a loss of accounts because of racial comments made by the founder, Stan Richards, who has since left the company.
This sale is yet another in a slew of commercial sales in the metroplex, part of a rise in investment and leasing of buildings in the areas surrounding Dallas, both by local and out-of-state investors.
