Search
 

Argus Beats 50 Buyers for Landmark Center

DALLAS-Argus of San Clemente, CA pays Dallas-based CDK $20.3 million, or $151 per sf, for the 93-year-old, 131,284-sf, six-story Landmark Center, the FBI's former regional headquarters building.

By Alex Finkelstein | Updated on December 13, 2006

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.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.