Thursday, August 20, 2015

Downtown Dallas skyscraper in play for sale

A Dallas-based investment group is shopping a downtown skyscraper purchase.
Bandera – a private real estate investment and development firm – has partnered with a Canada investor to make an offer for the 1.1 million square-foot high-rise at Akard and San Jacinto streets.Bandera Ventures has been in talks to buy the 45-story Ross Tower office building on Akard Street, real estate brokers who are tracking the deal say.
Bandera officials declined to comment on the pending transaction.
Holliday Fenoglio Fowler has been marketing the skyscraper for sale by its longtime owner the California State Teachers Retirement System.
It’s one of the largest properties currently on the market in North Texas.
The granite and glass office tower – built in the 1980s – was recently remodeled and has attracted interest from several potential buyers.
Bandera Ventures is just finishing work on a 7-story office building in Preston Center in North Dallas. The building near Douglas Avenue will house the new offices of Chief Oil & Gas Co. which is a partner in the project.
Bandera Ventures was founded in 2003 by real estate industry execs Chuck Anderson, Pryor Blackwell and Tom Leiser. 
Ross Tower is one of several large downtown office buildings currently for sale.
Commercial real estate firm CBRE is hunting a buyer for the Plaza of the Americas complex on Pearl Street.
And New York-based Eastdil Secured is marketing both the 2100 Ross tower and Bryan Tower to potential buyers.
Steve Brown/Dallas Morning News