Thursday, January 14, 2016

Jonas Woods lands his next big real estate play in downtown Dallas

The ground floor leasing center inside the 30 floor, One Dallas Center. The luxury apartments have the top 15 floors and office has the bottom floors.
Dallas investor Jonas Woods has closed on his latest deal in downtown Dallas, the office real estate portion of One Dallas Center. And, Woods said he's got his eye on future investment in the city's central business district.

The CEO of Dallas-based Woods Capital also is under contract to acquire Bryan Tower, a 34-story, 118,426-square-foot office tower at 2001 Bryan St. in Dallas.

In recent years, Woods has acquired Thanksgiving Tower and participated in the purchase of 2100 Ross Ave. in Dallas with ex-Santander CEO Tom Dundon in a deal totaling $131 million. He has invested millions in renovations to Thanksgiving Tower.

"This is another positive example in terms of what's going on in downtown Dallas," John Crawford, president and CEO of Downtown Dallas Inc., told the Dallas Business Journal."To have a quality investor like Woods and his partners looking at numerous buildings in downtown Dallas speaks volumes of what downtown has become."

The One Dallas Center mixed-use building at 350 N. St. Paul St. along the N. St. Paul DART rail station is home to Dallas-based architecture firm HKS Inc. and Dallas-based Greyhound Lines Inc. The two long-term office tenants provide Woods and his investment partners a solid cash flow within the city's central business district, Crawford said.

The I.M. Pei-designed building was redeveloped in 2014 by a partnership between Dallas developer Shawn Todd and developer Doug Chesnut of StreetLights Residential. The tower includes 276 ultra-luxury apartments on the upper portion of the building from the 15th to the 30th floors. A pension fund owns the apartment portion of the building.

"This is one of those projects that has risen from the ashes in terms of the commitment Shawn Todd made on the project and has helped support the revitalization efforts in downtown," Crawford said. "I continue to be encouraged by projects that are being analyzed differently today than five years ago."
Other buildings in downtown Dallas are expected to trade in the near future, including Bryan Tower, Plaza of the Americas and Ross Tower.

With other recent acquisitions in downtown Dallas, including Fountain Place, Comerica Bank Tower and the various buildings in the West End, it has been quite the year for real estate investment in the city's CBD, Crawford said.

Link to full article here

By Candace Carlisle for Dallas Business Journal