Thursday, July 24, 2014
Canadian buyers take downtown Dallas’ 1700 Pacific skyscraper
A Canadian investor has purchased a Dallas skyscraper – the sixth downtown office tower to change hands so far this year.
Montreal-based Olymbec Group acquired the 49-story 1700 Pacific tower at Pacific Avenue and St. Paul Street.
The 1.3million square-foot office tower had been for sale since last year.
CBRE Group brokered the building sale by an affiliate of Boston-based Berkeley Investments that had owned the property since 2005. Terms of the transaction were not disclosed.
“We had a nice selection of suitors for the building,” said CBRE senior vice president John Alvarado. “There is a nice opportunity to add value to the property that attracted a lot of national attention from prospective buyers.
“A lot of money has been raised over the last couple of years aimed at these opportunities.”
Built in 1983, 1700 Pacific is across the street from the site of the planned Pacific Plaza park.
“There are lots of great things happening in that part of downtown,” Alvarado said. “Everybody saw the potential.”
Alvarado marketed the building for sale along with CBRE’s Gary Carr, Eric Mackey and Robert Hill.
Major business tenants in the tower include Akin Gump Strauss Hauer & Feld LLP, Neiman Marcus, Mary Crowley Medical Research Center, and Southcross Energy.
The building is more than 40 percent leased.
Real estate brokers anticipate that Olymbec will make upgrades to the property to attract new tenants – a game plan that’s already working with other recent downtown building buys.
The new owner, Olymbec, is an almost 40-year-old family-owned firm that is a major player in Québec. The company also has properties in the U.S. in Las Vegas, St. Louis, Memphis and West Virginia.
Olymbec officials on Wednesday confirmed the purchase and said they would have details soon about their plans for the Dallas building.
Steve Brown- Dallas News