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Skymark Faces Foreclosure Sale; Brokers Muse on Submarket

ARLINGTON, TX-As the 115,700-square-foot office building heads towards an Aug. 6 foreclosure sale, area brokers point out that the suburban submarket is different from neighboring Dallas and Fort Worth.

By Amy Wolff Sorter | Updated on July 23, 2013

ARLINGTON, TX-The Fort Worth Star Telegram reported last week that Skymark Tower, a nine-story office building at Cooper Street and Interstate 30, is facing foreclosure. Even as the 115,700-square-foot building is headed toward an Aug. 6 foreclosure sale, brokers familiar both with the building specifically and the submarket in general aren’t too surprised.

Daniel Rudd with Colliers International and David Walters with Jones Lang LaSalle have shown the building at 1521 N. Cooper St. to a variety of tenants and both say that, despite the ownership issues that plague it, the office building itself is a solid one with decent occupancy. The brokers did tell GlobeSt.com that, while Skymark is a structurally sound building, it needs to be updated from its current vintage look. “When you go into the building, you see nice finishes – from the 1980s,” Rudd says.

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