Monday, October 20, 2014

Downtown Dallas tower trades in foreclosure sale

The 2020 Live Oak building has operated as a data center property since the late 1990s. (DMN files)
A downtown Dallas building that houses a data center has been bought at foreclosure by a local investor.
The 12-story 2020 Live Oak building is on the eastern edge of downtown is across the street from the Sheraton Hotel.
The 130,000-square-foot high-rise is used by telecommunications companies to house equipment.
Westdale Properties bought the building on the courthouse steps at the recent foreclosure auction for about $10 million, Dallas County deed records show.
The previous owners which bought the tower in 2008 defaulted on a $13.4 million loan with United Central Bank.
The high-rise was built in two phases. The first four floors were constructed in 1938, then an additional eight floors were added in 1963.
For many years the building housed the operations of Great American of Dallas Insurance Co.
In 1998 the building was remodeled it into data center and telecom space.
Westdale is a major property owner in Dallas’ Deep Ellum district and has significant apartment holdings in North Texas.
Real estate brokers say Westdale plans to continue operating 2020 Live Oak as a data center.