Argus Beats 50 Buyers for Landmark Center

DALLAS-Beating out 50 buyers, Argus Realty Investors LP of San Clemente, CA has acquired the 93-year-old, 131,284-sf, 98%-leased Landmark Center in the city’s historic west end district for $20.3 million or $151 per sf. The new owner of record is Argus Growth/Income Fund LP.

The seller of the six-story, class B, loft-style office structure at 1810 N. Lamar St. was CDK Realty Advisors of Dallas which had owned the building since 2004. CDK had purchased the brick-clad property at that time for a retirement pension fund. The FBI occupied 96% of the building for its Dallas regional headquarters in the late 1970s.

CDK principal Jon Donahue says his company narrowed the bidding down to 25, then to 10 semi-final bidders and then to two finalists. “We chose Argus because they were ready to close and we were familiar with them,” Donahue explains. “The other finalist offered a little higher price but we went for certainty of close.”