Thanksgiving Tower has been sold to a partnership led by Dallas based Woods Capital Management, LLC. Located at the heart of Dallas’ revitalized central business district, Thanksgiving Tower is a 50-story building with nearly 1.4 million square feet and 745 on-site parking spaces.
At its completion in 1982, it was the second tallest building in Dallas. It is currently the 8th-tallest building in the city.
CBRE Group has been marketing the high-rise since it was foreclosed on in February by Berkadia Commercial Mortgage. John Alvarado, Gary Carr and Eric Mackey of CBRE arranged the transaction on behalf of Berkadia.
“Investors were attracted to this asset due to its iconic status and exceptional quality. We are witnessing the return of institutional investors to the CBD, and the recovery of downtown Dallas is underway. The building’s immediate neighborhood, in particular, is undergoing tremendous transformation,” said John Alvarado, Senior Vice President of CBRE. “As one of the most compelling value-add opportunities in 2013, Thanksgiving Tower’s new ownership will be well positioned to aggressively pursue tenants while generating profitable returns.”
With an occupancy rate of just 55 percent at the time of sale, the property is anchored by Gardere Wynne Sewell LLP, an Am Law 200 firm and one of the Southwest’s largest full-service law firms, and the headquarters of Petro-Hunt, a privately held oil and gas company. It is also home to the Tower Club Dallas, and XTO Energy, Inc., a business unit of ExxonMobil.
Woods purchased the tower in an all-cash transaction. In a statement, the buyers said they are prepared to invest a significant amount of capital in building systems upgrades, as well as a redesign of the lobbies and common areas.
Located at Elm and North Ervay streets, Thanksgiving Tower is within two blocks of two stations along the DART light-rail line. The building overlooks the landscaped Thanks-Giving Square to the north and the revitalized Stone Street Gardens and Main Street District to the south.