New York Life Real Estate Investors joined forces with Encore Office to purchase the former Occidental Tower in Dallas.
Dallas—A massive office asset located at one of Dallas’ premier addresses recently changed hands. New York Life Real Estate Investors and Encore Office LLC acquired the 549,170-square-foot 5005 LBJ Tower, formerly known as the Occidental Tower.
The office building changed ownership for around $95 million, according to the Dallas Business Journal.
5005 LBJ Tower is a 24-story office property located at the northwest corner of the Dallas North Tollway and the newly re-constructed LBJ Freeway. The Class AA building was 94 percent leased at the time of the sale to tenants such as Susan G. Komen Foundation, Encore Enterprises and OxyChem, which will continue leasing space in the building. The prime top five floors of the property will become available in August.
“This unique, high quality asset is an excellent opportunity for us to invest in a key location in Dallas at a time when the revitalization of the Galleria area is just beginning,” said Scott Ingham, director at New York Life Real Estate Investors, in prepared remarks.
“We could not be more pleased to have purchased this iconic property, which was made possible by the close relationship that we maintained over the years with Occidental,” said Patrick Barber, president & CEO of Encore Enterprises.
Renovations are in store for 5005 LBJ Tower, as the new ownership team plans a multi-million dollar lobby renovation and make improvements to the overall campus. Upgrades include a new conference facility, tenant lounge, and state-of-the-art fitness center.
“This transaction is incredibly meaningful to us as it is where we have headquartered our office since 2006,” said Dr. Bharat Sangani, chairman of Encore.
Stream Realty Partners was selected to manage and lease the asset. J.J. Leonard, managing director, Sara Terry, vice president, and Chase Lopez, senior associate of Stream’s office division in Dallas will lead the leasing efforts for the property.
“There is a great deal of excitement about this acquisition with all entities involved. It’s one of the most iconic suburban assets in Dallas, combining unmatched quality, location and exposure for companies looking for high-quality office space,” said Leonard.
By: Adelina Osan
SOURCE: Commercial Property Executive