Tuesday, July 08, 2014

Goddard Closes on Fountain Place Purchase

DALLAS–Goddard Investment Group has closed on the purchase of Fountain Place. The 1.2-million-square-foot office tower was sold by J.P. Morgan Asset Managementon behalf of the institutional investors it advises. The iconic class A property sold for an undisclosed price, free and clear of existing debt.  

Located at 1445 Ross Ave., the 58-story building was designed by I.M. Pei and built in 1986. It is one of threeLEED Gold Certified class A buildings in the downtown area.

Goddard has plans in place to renovate the property and surrounding landscaping.

“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,” said Robert Goddard III, chairman and CEO of Goddard Investment Group, in a statement when the deal was first made public. “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.”

Fountain Place is 88% occupied, with tenants like Tenet Healthcare, Hunton & Williams and Wells Fargo Bank.

HFF marketed the property for the seller. Cassidy Turley will handle leasing.

J.P. Morgan came into possession of Fountain Place in 2011 when the company took control ofthree Crescent Real Estate holdings buildings.
Atlanta-based Goddard owns and manages 12 million square feet of commercial property in AtlantaDallasHoustonMiami and Tampa