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Goddard Buys Fountain Place Tower in Dallas for $200 Million

Goddard purchased Fountain Place tower in Dallas for $200 million.

Goddard purchased Fountain Place tower in Dallas for $200 million.

DALLAS – Atlanta-based Goddard Investment Group, LLC, has acquired Fountain Place, one of the most recognizable skyscrapers in Texas for a reported $200 million.

The 58-story office tower, located near the Arts District in Dallas, was built in 1986.

Goddard partnered with an arm of Metropolitan Life Insurance to make the acquisition for a price that was close to $200 million, according to a report by Steve Brown, the veteran real estate journalist with the Dallas Morning News.

The 1.2 million-square-foot, LEED Gold-certified building is currently 88 percent occupied. The acquisition was completed through the Goddard Value-Add Office Fund I, LP.

Clad in green glass, the pointed-top building was designed by I.M. Pei.

“Fountain Place is one of the most recognizable buildings in the Dallas skyline. Our vision for the property is to expand and refresh the public areas, making them consistent with the striking design of the tower’s exterior facade,” said Robert C. Goddard III, chairman and CEO of Goddard Investment Group. “With our investment, this will be a truly irreplaceable building that offers all the amenities, accessibility and prestige expected from a top-tier Uptown or Arts District building.”

J.P. Morgan Asset Management, which had owned the building since 2011, had retained HFF to market the building. Cassidy Turley has been retained to lease the property.

Goddard has been active in Texas real estate investment for years and reaped significant profit by owning Heritage Plaza in downtown Houston and selling it for $325 million in 2010.


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