Wednesday, July 10, 2013

Downtown Dallas’ First National Bank Tower is on the Market

A downtown Dallas landmark that’s been empty for three years is on the market.
The 48-year-old First National Bank tower at 1401 Elm Street has been owned by off-shore investors since 2011. But plans to redevelop the 52-story skyscraper haven’t moved ahead.
Now Cushman & Wakefield of Texas is talking with potential buyers of the property, real estate brokers say.
Word is that the asking price is over $20 million.
The 1.5 million-square-foot black glass and white stone tower was the tallest building west of the Mississippi when it opened in the 1960s.
And it houses one of the country’s largest banking firms for decades.
But when occupancy in the office tower a few years agofell below 30 percent, the prominent downtown high-rise was mothballed.
Since then a variety of developers and architects have studied plans to turn the building into a combination of uses, including housing, hotel space and remodeled office.
The skyscraper was designed by noted Dallas architect Thomas Stanley, who did several downtown projects in the 1950s and 1960s.
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