Thursday, January 08, 2015
Main Street tower in downtown Dallas gets new owner who plans makeover
FAQ Capital LLC headed by Mike Hoque has just purchased the 27-story Adolphus Tower on Main Street with plans to redevelop the building into first-class offices and restaurant space.
The 181,000-square-foot, 60-year-old office tower is about 70 percent leased to a variety of business and retail tenants. Major tenants include WhichWich’s corporate headquarters, the State of Texas, The Berry Law Firm, Mathis & Donheiser Law Firm and consulting firm Litzler, Segner, Shaw & McKenney.
The new owners plan to give the high-rise a new exterior plus rebuild the ground floor for restaurant and retail tenants.
Buyer Hoque’s DRG Concepts has developed a string of popular downtown restaurants including Dallas Chop House, Dallas Fish Market and Wild Salsa. He’s credited with significantly boosting the downtown restaurant market.
His Hoque Global firm is also in transportation, meeting planning and other businesses.
“We have admired the Adolphus Tower since our entry into downtown with Dallas Fish Market in 2007 opening in the historic Kirby Building at Main and Akard,” Hoque said Tuesday. “With an ideal location and scale, Adolphus Tower will become an even more exciting downtown Dallas anchor in providing modern office space, and quality of life amenities for business and residents with a vibrant and expanded retail and restaurant mix.”
Hoque said he’s been working with Dallas developer Jack Matthews who did the Omni Hotel to better understand the downtown market.
“This is not something I just woke up and decide to attack,” he said.
After renovating Adolphus Tower, Hoque said he plans to target the offices to technology firms and business entrepreneurs.
Construction will start sometime during the next three months.
Hoque has hired Dallas architect 5G Studio Collaborative to handle the redesign of Adolphus Tower.
“We are looking at different sources of exterior lighting,” he said. “In the next few weeks we will be looking at finalizing the design.”
The building’s mechanical systems will also be reworked.
FAQ Capital bought the tower from a partnership set up by Henry S. Miller Co., which had owned the building since 2005.
Darrell Hurmis with Henry S. Miller Brokerage and Jonathan Diamond of United Commercial Realty brokered the sale. Terms of the transaction were not disclosed.
Adolphus Tower was built by the famed Dallas developer Leo Corrigan. He also owned the landmark Adolphus Hotel next door.
The office building was originally supposed to be 50 stories tall but it was impractical to construct a building so tall on such a small site. The $7.5 million project was designed by noted Dallas architect Wyatt C. Hedrick, who also did many prominent 1950s projects.
It was touted as “the most modern office building in the Southwest.”
The original exterior of Adolphus Tower was done in gray aluminum panels, which were replaced with stucco in the 1980s.
The renovation of Adolphus Tower will be just the latest in a series of high-profile building redevelopments on Main Street in Dallas’ old financial district.
“The Adolphus Tower at Main and Akard is a premier downtown location and important project in the Main Street district,” said John Crawford, CEO of the economic development group Downtown Dallas Inc. “In addition to adding and expanding restaurants, the decision to purchase Adolphus Tower and invest in improvements shows [Hoque’s] continuing commitment to downtown.”