After nearly two years spent in the shadow of growing debt, the 60-story Comerica Bank Tower in Downtown Dallas may soon come into the light of new ownership.
Fort Worth-based commercial property investor M-M Properties Inc. and CBRE Global Investors have partnered to investigate buying the 25-year-old skyscraper, say real estate sources for the Dallas Morning News. The landmark building — designed by famed architect Philip Johnson and his partner John Burgee — last sold in 2006 for an estimated $216 million
A $178.6 million loan affixed to the property, owned by mortgage-backed securities investors, is set to come due in 2017. Last year, Denver real estate investor Dividend Capital Total Realty Trust foreclosed on a $20 million loan on the building at 1717 Main, the paper adds.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
