DALLAS—Red River Asset Management LLC, of New York has purcahsed 12404 Park Central, a 239,000-square-foot office building near North Central Expressway and LBJ Freeway.
The buyer bought the property for $15.4 million from Oaktree Capital last week, according to the Dallas Business Journal. The Journal says the former Steak and Ale corporate headquarters is appraised at $17.7 million.
The four-story Park Central office building has large floorplates of about 70,000 square feet, which is unusual in an office building, he told the Dallas Business Journal. The building was originally constructed as the headquarters for Steak and Ale in 1987. It sits on a lake with trees and a walking path.
"Because it was built for a corporate headquarters and not an investment property, they spared no expense," Stern said. "This building was built like a tank, with 10-foot ceilings and stunning features."
John Alvarado, who is now with CBRE, but formerly of Jones Lang LaSalle, represented Oaktree Capital. Red River represented itself. American National Insurance Co. made the loan for Red River to buy the property.
Red River plans to begin spending a significant amount of capital to renovate the building's atrium, which will include a 3,000-gallon fresh water aquarium with tropical fish, water features and a four-story tall plant wall. Dallas-based Merriman Associates Architects is the project architect.
Click Dallas Business Journal to read the full story.
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