Dallas Office Asset Changes Hands
Crestview Tower last traded almost a decade ago, for $40.7 million.
Reserve Capital Partners and Trinity Investors have acquired Crestview Tower, a 262,962-square-foot office building in Irving, Texas, from CapRidge Partners. At the time of the sale, the property was 78 percent leased.
The Class A office building last traded in 2014, when CapRidge purchased it from Codina Partners for $40.7 million, according to CommercialEdge data.
Completed in 1982, the 12-story building has a steel frame construction type with a glass and masonry exterior. The mid-rise tower features a fitness center, a conference center, a tenant lounge, a restaurant, an outdoor patio, controlled access, 24-hour security, five-passenger elevators and some 1,100 parking spaces.
Crestview Tower is located at 105 Decker Court in the Dallas-Fort Worth market’s Las Colinas submarket. Situated in an area with several residential communities, dining options, retail centers and hotels, the property is also near Route 114 and Interstate 35E, which provide direct access to downtown Dallas.
A multimillion-dollar renovation
The new owners are planning a multimillion-dollar renovation project, with financing provided by Southside Bank. Entos Design serves as the project’s main architect, with Reverse Capital’s construction team in charge of the renovation process.
Modern features such as pendant lighting, stylized directional wall graphics and wood-slatted accent walls and ceilings will be added, along with improvements to the fitness center, lobby, outdoor patio and entry. The renovation process is set to last around four months.
Stream Realty Partners has been the leasing agent for the office building since 2010. The brokerage firm will continue to lease the office spaces, which range from 943 to 8,447 square feet. Recently, Stream Realty arranged the sale of 5500 W. Plano Parkway, a two-story office building in Plano, Texas.
