Friday, January 15, 2016

Investment partnership closes on Ross Tower in downtown Dallas

Dallas-based Bandera Ventures, in partnership with Vancouver-based real estate investment firm Second City Real Estate and Austin-based HPI Real Estate, has acquired 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.

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.

Link to full article here

By Candace Carlisle for Dallas Business Journal