Dec 21, 2015
1.1M-SF Ross Tower in downtown Dallas sold
DALLAS – Ross Tower, in downtown Dallas, has been acquired by Dallas-based Bandera Ventures, in partnership with Vancouver-based real estate investment firm Second City Real Estate and Austin-based HPI Real...
DALLAS – Ross Tower, in downtown Dallas, has been acquired by Dallas-based Bandera Ventures, in partnership with Vancouver-based real estate investment firm Second City Real Estate and Austin-based HPI Real Estate.
The investment group had been chasing the 45-story, 1.1 million-sf office tower at 500 N. Akard St. for months and was attracted to the tower offering a relatively high ratio of parking said John Crawford, president and CEO of Downtown Dallas Inc.
The tower’s previous ownership had upped the parking ratio to a guaranteed three parking spaces per 1,000 sf of office space, giving the Class A, Ross Tower ability to compete with buildings in the suburbs.
According to the Dallas Central Appraisal District, Ross Tower is valued at more than $73 million.
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