Dallas-based investors Dundon Capital Partners and Woods Capital have actually gotten One AT&T Plaza in downtown Dallas.
Dallas-based investors Dundon Capital Partners and Woods Capital have as soon as again seized on the opportunity to get a piece of their city’s skyline, together purchasing the renowned 37-story workplace tower at AT&T’s corporate headquarters campus downtown.
The investors were likewise attracted by AT&T’s recently restored lease through 2030 that market sources valued at about $278 million previously this year.
The 965,800-square-foot tower at One AT&T Plaza was cost a concealed rate by the real estate arm of New York billionaire Carl Icahn’s conglomerate Icahn Enterprises, which started marketing the home in investment circles in the spring. The other three structures that make up AT&T’s campus encompassing four city blocks in downtown Dallas were not part of this offer.
The Class A workplace tower at 208 S. Akard St. has actually been the central point of AT&T’s worldwide headquarters because the business moved from San Antonio, Texas, in 2008. A massive transformation is underway on the website to assist the business improve partnership for workers and produce a desired location for visitors.
That revitalization strategy assisted display AT&T’s commitment to downtown Dallas, making this an attractive financial investment, said Jonas Woods, president of Woods Capital.
“AT&T shares our vision of downtown becoming one of the most lively communities in Dallas,” Woods stated in announcing the deal. “We anticipate dealing with AT&T and continuing to participate in the significant growth of downtown.”
Dundon Capital Partners and Woods Capital have actually been busy investing in Dallas recently, with acquisitions such as the 50-story Thanksgiving Tower and 33-story 2100 Ross Avenue, the fictional area of the Oil Barons Club from the 1980s TELEVISION series “Dallas.”
Tom Dundon, chairman and handling partner of Dundon Capital Partners, said his group was delighted to construct on that commitment with the financial investment in the worldwide head office of “among the most vibrant, highly lucrative and well-managed media and home entertainment business worldwide.”
On the other hand, construction is already underway on a portion of AT&T’s prepared $100 million job, which has been called by executives as “Discovery District.” The transformation includes redoing the school to end up being a public space with 40,000 square feet for dining establishment and retail, a two-story food hall with balcony dining, an outdoor gathering and performance area, a six-story video wall facing Commerce Street, and a water garden.
CBRE brokers Michael Monahan, Gary Carr, Evan Stone, John Alvarado, Eric Mackey, Robert Hill and Jared Chua represented the seller in the deal.