The owners, Dallas-based Simbol Commercial, have revealed plans to spend about $14 million to refurbish the building. Initially, the real estate investor group that purchased the buildings considered converting the building from offices to apartments or as a hotel, but have since decided to keep it as office space.
The building was put on the auction block in 1999, but the previous owner removed it before a sale could be completed. That owner had asked for a minimum bid of $2 million. It is estimated that the renovation will cost about $14 million and take up to three years to complete.
Since the mid 1990's when the federal government moved out, the building has sat empty. The government had purchased the building in 1933 at a cost of just more than $3 million.
One challenge the new owners face is lack of nearby parking. Lower rents may be available to prospective tenants as they must find adequate parking on their own. Rental rates will be disclosed in the next few weeks.
The building is, however, within the boundaries of a tax increment financing district. The Tower Properties TIF has been used already for the construction of another parking garage in the area.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
