The 60-story Comerica Bank Tower in downtown Dallas has a new owner.
Last week, an affiliate of Slate Asset Management took full ownership of the building at 1717 Main Street.
Slate Asset Management was previously the lender on the property. The global alternative investment platform is affiliated with the last owner, 1717 Tower Owner LLC, and most recently Dallas-based TriGate Capital and Woods Capital Company’s Pacific Elm Properties acted as guarantors.
An affiliate of Slate Asset Management plans to reposition the building into a “mixed-use destination,” the company said in a statement. Currently, the building contains 1.5 million square feet of office space. The building’s website says there is more than 535,000 square feet of usable space in the building.
As part of the redevelopment effort, the company has hired Dallas-based commercial real estate firm Stream Realty Partners, which will also assist with leasing and operations.
“The Comerica Bank Tower has been an iconic part of the Dallas skyline for nearly four decades, and we are pleased to steward the tower’s evolution to best serve the Dallas community now and for decades to come,” a statement from Slate Asset Management said.
“Our ownership acquisition is a testament to the depth and breadth Slate brings to the table as a real estate developer, operator, owner and investor. We have a highly skilled team with a proven track record of delivering visionary development projects, and we look forward to establishing Comerica Bank Tower as an attractive destination for Dallas residents, visitors and workers,” the statement continued.
After purchasing the building in 2023, Woods Capital and TriGate, working with Pacific Elm Properties, planned to renovate the building, including adding up to 20 stories of residential units and hotel rooms.
Previously, the tower, designed by architect Philip Johnson, had been owned by a partnership led by TriGate Capital since 2015.
The building opened in 1987 and was renovated in 2020. At 787 feet tall, the tower is the third tallest building in Dallas.
Stream’s Ramsey March, managing director and partner at Office, pointed to the firm’s work with Trammell Crow Center in its approach to Comerica Bank Tower.
“This is the heart of downtown and it deserves to receive a redevelopment worthy of its importance to the city of Dallas,” March said.
Stream recently completed the redevelopment of The Quad, a mixed-use development in the Uptown neighborhood, which includes one new office building and five restaurant buildings.
