Dallas-based Bradford Cos. has big plans for its newly acquired Uptown Tower.
Bradford, through its affiliate Bradford UPT Partners LLC, closed on the purchase of the 12-story high-rise on July 17. The firm now has the immense task of giving the dated property new life through a major renovation.
The 254,000-square-foot tower was erected in Uptown, off U.S. 75, near the Knox-Henderson neighborhood, in 1982. The last time it saw major renovations was over three decades ago.
When The Dallas Express covered the tower in October 2023, the high-rise was 80% leased, but it was still facing financial hardship. Less than two years later, Uptown Tower is just 50% leased.
In December 2023, the previous owners, Pillarstone Capital REIT and Whitestone REIT, filed for bankruptcy due to challenges in meeting the debt obligations on the property. General partner Pillarstone, alongside limited partner Whitestone, had purchased the building in 2013.
The building’s rough shape and high vacancy rate made Uptown Tower a tough sell.
“The odds were definitely against us on this deal,” said Creighton Stark, president of institutional office investments at Weitzman, who represented the seller in the deal, per Dallas Business Journal.
“I knew that in order to get the highest and best price, it had to be a group that was vertically integrated, that would make their money back on fees,” said Stark.
While the details of the transaction were not disclosed, the Dallas Central Appraisal District most recently valued the property at roughly $22 million. That included nearly $8 million for the land.
Bradford now has the monumental task of revitalizing the once prominent building. The tower’s HVAC systems require an upgrade, and structural and roofing issues need to be addressed.
The firm has set aside roughly $10 million for renovations and an additional $10 million for new tenant improvements, to be used once companies sign leases.
Once complete, tenants can expect a refreshed lobby featuring a golf simulator and coffee kiosk. Each floor is getting a new restroom, and the tower will welcome a new fitness center and coworking suites.