Hunt Realty, Angelo Gordon JV Buys Dallas Asset

2801 N. Central Expressway. Image courtesy of OliveMill Holdings

Advertising firm The Richards Group has sold its iconic Dallas headquarters. Newly founded OliveMill Holdings has teamed up with Hunt Realty Investments and Angelo, Gordon & Co. to acquire 2801 N. Central Expressway, a Class AA office tower totaling 240,000 square feet in the city’s Uptown Oak Lawn submarket.

Part of the Cityplace mixed-use development, the $45 million ground-up project was erected to house the seller’s more than 600 employees at the time.

The Richards Group is currently in talks with the new landlords in regard with a potential new lease, according to The Dallas Morning News. OliveMill has taken over the property’s management and operations.

Designed by Perkins + Will, the 18-story tower was completed in 2015 and features a central three-story stairwell atrium, a highly transparent glass curtain wall facade that displays the building’s colorful floors, as well as a fitness center on the last floor. The office complex also includes a 10,000-square-foot retail component on the ground floor and a nine-level parking structure.

The property is situated within just a few steps from the CityPlace/Uptown DART light rail station, while downtown Dallas is less than 3 miles away.

A long-term partnership

The transaction comes on the heels of two recent deals, where OliveMill Holdings represented Hunt Realty Investments in the signing of new leases at its headquarters at 1900 N. Akard St. in Dallas. JPMorgan Chase will take up the first five floors at The Hunt Headquarters through a 132,000-square-foot lease, while Dallas Petroleum Club will occupy the top floor. The new space will be home to Dallas Petroleum Club in early 2023, whereas the banking giant is set to move out of its namesake high-rise by the fall of 2022.