Thursday, July 23, 2015

Ross Avenue skyscraper latest downtown Dallas building for sale

Another downtown skyscraper is up for grabs.  
And this office high-rise is one of Dallas’ big success stories.
When Cousins Properties bought the 2100 Ross office tower out of foreclosure in 2012, the building had declining occupancy and was less than 70 percent leased.
Cousins spent millions of dollars to upgrade the building which was constructed in 1982.
The investment has paid off in big leases in the 33-story tower, with new tenants including Lockton Cos. Netherland, Sewell & Associates and Turner Construction.
Now Cousins Properties has decided it’s time to sell.
The Atlanta-based developer has hired Eastdil Secured to market the 844,000-square-foot building for sale.
The 2100 Ross tower is one of three major properties on the market in downtown Dallas. The 45-story Ross Tower and the 2-building Plaza of the Americas complex are also being hawked to potential buyers.
Cousin’s paid about $60 million for 2100 Ross before it spent millions more on renovations.
Cousins’ potential sale of 2100 Ross won’t mean a Dallas exit for the commercial property firm.
Cousins is a partner in a 23-story office building in the works at the Victory Park development on the northwest edge of downtown.   
Steve Brown/ Dallas Morning News