Tuesday, July 29, 2014
Upgrades planned for downtown Dallas’ 1700 Pacific tower
The new owners of downtown Dallas’ 1700 Pacific tower have already picked a team to market the property.
And upgrades to the high-rise are planned.
Commercial real estate firm JLL arranged funding for the purchase of the 49-story skyscraper at Pacific Avenue and St. Paul Street by Montreal-based Olymbec Group.
Prosperity Bank provided a 22-year term acquisition loan for the property.
JLL will continue to handle leasing of the property.
Built in 1983, the 1.3 million square-foot building is just over 40 percent leased. Major tenants include Akin Gump Strauss Hauer & Feld LLP, Neiman Marcus, Mary Crowley Medical Research Center and Southcross Energy.
Olymbec – a family-owned company that specializes in property turnarounds – plans to make improvements to the tower, which is across the street from the site of the planned Pacific Plaza park.
“Taking our first step into the Dallas market, we are eager to welcome new tenants to our building,”
Olymbec’s Justin Klumak said in a statement.
While terms of the sale were not disclosed, real estate brokers estimate that Olymbec paid less than $100 per square foot for the skyscraper.
The sale of 1700 Pacific is the sixth such acquisition of a major downtown office tower so far in 2014. CBRE Group brokered the sale.
John Crawford, CEO of the economic development group, Downtown Dallas Inc., said there’s “not much left to sell, we just need to keep filling them back up.
“We’ve obviously experienced the biggest change in commercial property ownership since the 1980′s and it’s probably larger,” he said.
Steve Brown- Dallas News