Tuesday, June 24, 2014

Downtown Dallas’ landmark Fountain Place tower sells for close to $200 million

An iconic downtown Dallas skyscraper has changed hands.

The 60-story Fountain Place tower with its green glass “rocket” design is a standout on the city’s skyline.

Atlanta-based Goddard Investment Group LLC said Tuesday that it has completed its purchase of the 1.2 million-square-foot Ross Avenue office tower.

The new owners say they plan to renovate the highrise, which was built in 1986. The work will include refurbishing the lobby and elevators and upgrades to the namesake exterior fountains.

Goddard also said it will build a parking garage on the vacant lot to the north of the tower.

“Our vision for the property is to expand and refresh the public areas, making them consistent with the striking design of the tower’s exterior facade,” Robert C. Goddard III, chairman and CEO of Goddard Investment Group, said in a statement “With our investment, this will be a truly irreplaceable building that offers all the amenities, accessibility and prestige expected from a top-tier Uptown or Arts District building.”

Goddard officials declined interviews to discuss their purchase.

Real estate brokers say that the Atlanta firm partnered with an arm of Metropolitan Life Insurance to make the buy.

The deal was expected to total close to $200 million.

J.P. Morgan Asset Management has owned the skyscraper since 2011. HFF was hired to market the building.

The building – designed by I.M Pei –  is 88 percent occupied with tenants including Tenet Healthcare, Wells Fargo Bank, Bracewell & Guiliani, Hunton & Williams and the General Services Administration.

Cassidy Turley has been hired to lease the property.

Goddard Investment Group is a privately held commercial real estate firm that also owns the 22-story St. Paul Place office tower on Ross Avenue.

Fountain Place is the latest in a string of downtown towers to recently change hands.

Rising rental rates and a steady lease-up of Dallas office buildings is fueling investor demand.

Steve Brown- Dallas News