Tuesday, January 29, 2013

Uptown Dallas office tower fronting new deck park is sold to investors

A West Texas investment group has purchased an Uptown Dallas office tower that fronts on the new Woodall Rodgers Freeway deck park.
Dallas-based Charter Holdings sold the 17-story Advancial Tower, at Woodall Rodgers and St. Paul Street, to a real estate investment firm owned by businessmen Dan and Farris Wilks.
The 148,000-square-foot office high-rise was built in 1984 and is almost fully leased. Major tenants include Omniplan and Savoya.
Charter Holdings had owned the property for more than a decade.
“I’m having a little bit of seller’s remorse,” said Charter CEO Ray Washburne. “But it was time to sell.
“When I bought the building in 2002, none of the new development had taken place in the area,” he said.
Since then, the Uptown area has boomed.
In October, the 5.2-acre Klyde Warren Park opened across the street from Advancial Tower.
HFF LP’s Andrew Levy, Todd Savage, Elizabeth Malone and Nick Cassavechia marketed the building for sale in negotiations with Colliers International.
Terms of the acquisition were not disclosed.
The buyers — two brothers who are from Cisco, west of Fort Worth — founded Fort Worth-based FTS International, an oil and gas well services firm.
The Wilkses sold out of FTS in 2011.
Washburne originally paid less than $15 million for the high-rise and immediately signed a large office lease with Advancial Federal Credit Union.
Washburne said he has moved his offices from Advancial Tower to Highland Park Village shopping center, which he bought with partners in 2009.
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