JLL Capital Markets is selling a condominium interest on the 22nd floor of the 33-story One Main Place in downtown Dallas.
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Investors now have the chance to buy large chunks of Dallas’ iconic buildings, and may even be able to convert parts of the concrete structure into apartments.
JLL Capital Markets has listed a 22-floor condo interest in the 33-story One Main Place in downtown Dallas. The offering includes ground-floor retail but not a hotel. JLL’s Andrew Levy and Todd Savage are marketing the property.
The listing lists the property as including 652,560 square feet of office space (36 percent leased), but it’s unclear if that figure includes retail space. The Dallas Central Appraisal District values the entire building at more than $68 million, with the office and retail portions valued at about $17 million.
The building at 1201 Main Street was constructed in 1968 and renovated in 2015. According to JLL, the building is split into two condominium complexes, one with office floors and the other housing a Westin hotel that occupies the top 10 floors and most of the bottom floor. The iconic building was designed by global architecture firm Skidmore, Owings & Merrill.
JLL is presenting the property as an opportunity to convert up to 10 floors, or 234,000 square feet, of office space into residential, which would bring the remaining office space to 63% occupancy.
New Orleans-based KFK Group bought the downtown building, which had been for sale multiple times as a foreclosure, for an undisclosed price in 2014, then renovated it and opened a Westin hotel there in 2016. Attempts to contact the current owner or broker were unsuccessful.
Local real estate brokers, developers and investors have been looking for ways to reuse older office buildings where vacancy rates are higher than desired.
Trammell Crow Center has proven it can still attract tenants after an extensive renovation a few years ago: New York City-based global executive search firm Russell Reynolds Associates moved its offices into the tower in March.
Residential conversions have also been popular in recent years in downtown and surrounding areas. Thistle Creek Capital, the lender that bought the 211 N. Ervay St. tower downtown after it escaped foreclosure earlier this year, said it wants to continue moving forward with plans to redevelop the building into apartments and hotel rooms as originally planned. In December, Irving-based Sava Holdings bought the 12-story Stemmons Towers complex on Interstate 35E and is converting the office building into apartments.
