Wednesday, September 03, 2014

Investors buy LBJ Freeway office tower

The 205,000-square-foot office building was constructed in 2005. (Dominus Commercial)

Investors have purchased a North Dallas office tower with plans to upgrade the building.
The local investment group represented by Dominus Commercial bought the LBJ Tower 
at 8390 LBJ Freeway near U.S. Highway 75.

The 205,000-square-foot building – built in 1982 – was purchased from Houston-based Millennium First Development.

The new owners plan to spend about $1.6 million in improvements on the property which 
is about half occupied.

“We feel that with the current market conditions, completion of 635 construction upcoming and the lack of large blocks of space, there is a significant opportunity with the renovations 
to increase occupancy in the building,” said Dominus’ Stephen LaMure, who brokered the sale with Justin Owen.

Terms of the sale were not disclosed.

The previous owners had owned the building since 2010. The two adjoining towers are owned by Boxer Property.

The LBJ Tower is just the latest in a series of office sales along Interstate 635. With reconstruction on the highway more than halfway completed, investors are snapping up buildings along the major thoroughfare.