DALLAS – A Canadian investment group has purchased the 49-story 1700 Pacific office tower in the Dallas Central Business District – the sixth downtown office tower to sell in 2014.
Quebec, Canada-based Olymbec Group acquired the 1.3 million square feet, three levels of on-site parking and an off-site parking garage connected via enclosed sky bridges. The property also includes concourse-level retail.
CBRE’s John Alvarado, Gary Carr, Eric Mackey, and Robert Hill arranged the transaction on behalf of the seller, Berkeley Investments, Inc.
“1700 Pacific presented an opportunity to acquire a meaningful stake in the ongoing transformation of the Dallas CBD,” said Alvarado, Senior Vice President of CBRE. “Investors were attracted to this property because it is well positioned to capture surplus demand from Uptown by serving as a cost-effective alternative that provides high-quality space and amenities.”
Over the last decade in downtown Dallas, more than $3 billion of capital improvements have included residential developments, public parks and cultural, convention and entertainment projects. 1700 Pacific is within walking distance of some of downtown’s best-in-class amenities, including the Tower Club, Main Street Gardens, the Neiman Marcus flagship store, and Majestic Theatre.
The property’s high-quality tenants include law firm Akin Gump Strauss Hauer & Feld LLP, Neiman Marcus, Mary Crowley Medical Research Center, and Southcross Energy—a business unit of Southcross Energy Partners.
According to Steve Brown, real estate editor at the Dallas Morning News, other downtown buildings selling this year include: the 60-story Fountain Place, 34-story KPMG Centre, 33-story One Main Place, 52-story 1401 Elm and the 32-story 1600 Pacific building.