posted on December 23, 2011 22:04
Dallas-based Headington Oil Co., the owners of The Joule, has acquired a three-story building at 1611 Main St. in downtown Dallas.
The building was sold for an undisclosed sum from Forest City Residential in an off-market deal.
The building, which was built in 1900, was last appraised at $438,000, according to Dallas Central Appraisal District records.
Headington Oil sought the acquisition after it began preparations to demolish the 15-story Praetorian Building and demolished its building on Elm Street, said CFO Michael Tregoning.
"It is essentially a building Forest City owned, and it sat between two buildings that we own on the block," Tregoning said. "This property gives us a contiguous site and improves the footprint."
The site will improve the footprint for future development, he said. The change of ownership won't disrupt the building's residents, Tregoning said.
The Praetorian Building is scheduled to be demolished this summer.
Earlier this year, the developer announced it will spend $78 million on redeveloping and expanding The Joule an entire city block.
12/19/11, Candace Carlisle, Dallas Business Journal