Monday, February 04, 2008

Downtown Dallas high-rise sold for 3rd time in about a year

"That's got to be some kind of record," said L.J. Erickson, who has brokered the sale of the 2020 Live Oak building each time.
The 12-story high-rise on the eastern edge of downtown is across the street from the Adam's Mark Hotel.
The 130,000-square-foot high-rise is used by telecommunications companies to house equipment. It's less than 50 percent leased.
The latest buyer of the property is a partnership set up by Dallas-based Unified Infrastructure Services, a data center services firm. The building was sold by a California partnership that bought it last summer.
Mr. Erickson, a partner with Dallas-based Duggan Realty Advisors, didn't disclose the latest sales terms, but he said the building has more than doubled in value in the last year.
He says that's because of the resurgence in the telecom business, plus all the interest in Dallas' central business district.
"There is so much activity downtown," Mr. Erickson said. "I still get calls daily, people wanting to buy that building."
The high-rise was built in two phases. The first four floors were constructed in 1938, then an additional eight floors were added in 1963.
For many years the building housed the operations of Great American of Dallas Insurance Co., Mr. Erickson said. Then it sat vacant for some time.
Duggan Realty bought the empty tower in 1998 and remodeled it into telecom space.
"We had it 100 percent leased at one time," Mr. Erickson said. "But when all the telecom companies went broke in 2001, we lost about 60 percent of the building's tenants to bankruptcy." By Steve Brown, Dallas Morning News