Thursday, January 14, 2016
Investment partnership closes on Ross Tower in downtown Dallas
The investment group had been chasing the 45-story, 1.1 million-square-foot office tower at 500 S. Akard St. for months and was attracted to the tower offering a relatively high ratio of parking, said John Crawford, president and CEO of Downtown Dallas Inc.
Ross Tower has undergone some renovations in recent years.
The tower's previous ownership had upped the parking ratio to a guaranteed three parking spaces per 1,000 square feet of office space. That gives Ross Tower the ability to compete with buildings in the suburbs, Crawford said.
"They plan to re-position the property and get a bit more competitive using their parking to compete with the suburban product," Crawford said. "They plan to spend a few million dollars to make changes and they are committed to the property."
Crawford, who knows Bandera Ventures founders Pryor Blackwell and Chuck Anderson, said he expects the team to do a good job in updating the building and bringing new tenants to downtown Dallas.
HFF represented the buyers in securing a five-year floating rate loan for $116 million from a private lender, Prime Finance.
According to the Dallas Central Appraisal District, Ross Tower is valued at more than $73 million.
Link to full article here
By Candace Carlisle Staff Writer at Dallas Business Journal