Negotiations with Gracy Title should be completed in several months, Jim Wilson, the system's real estate director, tells GlobeSt.com. The two-stories of office space and parking would house UT System employees.
The system owns several buildings between Sixth and Seventh streets on the south and north and Colorado and Lavaca streets on the east and west. The regents this week authorized proceeding with negotiations at a meeting in Arlington.
The building has been empty for about a year. Gracy had had a contract to sell the building to the LBJ Holding Co., which intended to add eight stories to the two-story structure for loft condominiums. LBJ Holdings, which owns the Brown Building Lofts, a block north, withdrew from the contract because of poor pre-leasing results.
Gracy Title, in the meantime, had moved its closing office to 524 N. Lamar Blvd. and its support staff to an office on North Lamar, Larry Molinare, the company's president, tells GlobeSt.com. "We had a couple of other contracts on it, but they both died in feasibility," Molinare says.
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