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Thompson Banks Two Uptown Buildings

DALLAS-The first real estate for the new firm's portfolio are the 80,227-sf Oakwood Tower and 53,812-sf One Lee Park West. A new team will steer the lease-up and class B redos.

By Connie Gore | Updated on May 16, 2008

DALLAS-Setting the tone for future value-add buys, Thompson National Properties LLC, acting for the $250-million Bruin Fund, has bought two neighboring class B office buildings in Uptown/Turtle Creek. The buildings, ticketed for extensive renovation, are assessed at nearly $10 million.

Thompson’s new chief investment officer and president of the newly created Middle East fund, Darrell Betts,, had been marketing the buildings for Grubb & Ellis Co. along with former partner, Scot Farber in Dallas for locally based Resdeco Real Estate Development. The just-bought buildings are the 80,227-sf Oakwood Tower at 3626 N. Hall St. and 53,812-sf One Lee Park West at 3303 Lee Pkwy. The larger building is 94% leased; the smaller one, 92%.

Darryll Goodman, senior vice president in Las Vegas for the Irvine, CA-based Thompson National Properties, tells GlobeSt.com that there is considerable lease rollover in the next three years so the game plan is to renovate and bump rents to market rate. Although there’s the obvious risk of move-outs, he says “it’s a loyal tenant base.” He estimates in-place rents are 30% below market rate.

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