Everything you wanted to know about the Urban Core, Uptown and Downtown Dallas, Texas & Dallas Ft. Worth Area Real Estate - Its growth, prosperity, setbacks and unprecedented revitalization is told here...Randall Turner of Harvard Companies, Inc 214-373-0007, 3500 Oak Lawn Avenue, Suite 325, Dallas, Texas 75219
Wednesday, September 03, 2014
Investors buy LBJ Freeway office tower
The 205,000-square-foot office building was
constructed in 2005. (Dominus
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
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 seriesof office sales along Interstate 635. With reconstruction
on the highway more than halfway completed, investors are snapping up buildings
along the major thoroughfare.