Downtown Dallas’ 60-story Comerica Bank Tower has a new owner
One of downtown Dallas’ tallest skyscrapers has quietly changed hands.
Dallas investor TriGate Capital has purchased 90 percent of the 60-story Comerica Bank Tower on Main Street.
The office high-rise – designed by renowned architect Philip Johnson – sold after recent upgrades and large lease renewals.
It’s the latest major downtown property to change hands after a fix up.
The 1.5 million-square-foot tower, located across the street from Neiman Marcus’ flagship downtown store, is about 65 percent leased.
TriGate bought the building from CBRE Capital Partners, which purchased the high-rise in 2013.
M-M Properties – which partnered with CBRE and oversaw improvements to the landmark tower – will remain an owner in a joint venture with TriGate.
“Our office is just about a two minute walk from this building and we know it very well,” said TriGate managing member Jay Henry. “This property hit a lot of our hot buttons for us because we have been first hand witnessing all of the improvements downtown.”
Henry said it is his private investment firm’s largest single asset.
The company also owns the Magnolia Hotel on North Central Expressway near SMU.
Two years ago the Comerica Tower sold for more than $150 million. Terms of the just-completed sale haven’t been disclosed.
Comerica Bank has had its headquarters in the high-rise since 2007, but the bank has no financial interest in the property.
Along with Comerica, major tenants in the building include Andrews Kurth, Fish & Richardson, Grant Thornton, K&L Gates, Marsh USA, Orix USA and Southcross Energy Partners.
Comerica Bank Tower was completed in 1987 as the headquarters for M-Bank. It’s the third tallest skyscraper in Dallas.
M-M Properties is taking over leasing of the tower.
“We look forward to the next stage of the rejuvenation of Comerica Bank Tower by completing its lease up,” said M-M CEO Ken Moczulski. “A lot of the heavy lifting has been done and now we are going in and finishing off the process.
“A few touches are needed in the public spaces and we have the capital to do that.”
Moczulski said previous owner CBRE Capital decided to sell Comerica Bank Tower because the investment fund, which held the building, was winding down.
“It says a lot that we now have this local sponsorship for the building,” he said.
The Comerica Bank Tower sale comes just two months after the 33-story 2100 Ross office tower was sold by Atlanta-based Cousins Properties to Dallas businessman Tom Dundon. Cousins had bought the building out of foreclosure and significant upgrades.
Another downtown high-rise that’s been renovated – Ross Tower – is also expected to sell before the end of the year.
Source: The Dallas Morning News