posted on February 03, 2011 21:19
One Arts Plaza, the 24-story skyscraper that broke an 18-year construction drought in downtown Dallas, is up for sale.
Developer Lucy Billingsley said she believes the timing is right as investors from the east and west coast continue to eye the North Texas market.
Billingsley said the Dallas office of Holliday Fenoglio Fowler LP will oversee the sale. She did not disclose an asking price.
“The world will tell us what the world believes the value is today,” she said.
Completed in 2007, the 100-percent occupied tower was the first to be built after 18 years of no new construction in downtown Dallas. Its tenants include the law firm of Thompson & Knight and 7-Eleven's corporate headquarters.
“It launched a new age of construction," Bilingsley said. "There is still more growth left in this market. People are coming back to the CBD. I think that this is a real shift. What we have been through is a little shift against strictly suburban development.”
One Arts Plaza is at 1722 Routh Street in the Arts District. It has office, residential and retail tenants, including Screen Door and Fedora Restaurant and Lounge.
1/26/11, Kerri Panchuk, Dallas Business Journal