Wednesday, December 09, 2009

Oncor will buy, remodel downtown buildings


North Texas utility Oncor is close to buying a downtown Dallas office complex.

Oncor, which already has a large office downtown, is purchasing the vacant 1616 Woodall Rogers office buildings near the Victory Park complex, real estate brokers say.

The two eight-story buildings are just west of Akard Street and were built in 1978 and 1992. They once housed the headquarters of Central and South West Corp.

Real estate brokers say that Oncor plans to relocate workers who are now in the Energy Plaza tower on Bryan Street into the Woodall Rodgers buildings, which will be remodeled.

The high-profile offices have been empty for more than five years.

Dallas' Peloton Real Estate Partners has been marketing the property, which is owned by a California investment firm, for lease.

A spokesman for Oncor did not immediately respond to requests for information about the planned purchase. And real estate broker Lawrence Gardner with OMS Strategic Advisors, who is said to be representing Oncor in the purchase, declined to comment on the deal.

The Woodall Rogers buildings Oncor is buying have more than 260,000 square feet of office space, an atrium lobby, a data processing center, two levels of underground parking, an employee fitness center and a cafeteria.