92 Year Old sold! Downtown Dallas office rebirth to hotel92 Year Old sold! Downtown Dallas office rebirth to hotelhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=29132014-10-01T07:26:00Z2014-10-01T07:24:00Z

DALLAS - The 92-year-old 1700 Commerce office building in downtown has been sold for the first time in 20 years.

Built in 1926, the 132,218-sf building was originally constructed as the Allen Building, and cost $1.5 million. Boxer purchased the property 70 years later for $525,000.

The property is located across the street from Neiman Marcus’ flagship downtown store.

Boxer Property, which purchased the 21-story building in 1992, sold 1700 Commerce to Irving-based hotel firm NewcrestImage LLC.

NewcrestImage owns and operates more than a dozen hotels, with five properties under construction and more in planning stages.

Dallas Morning News
Dallas-Fort Worth-Arlington
http://bizbeatblog.dallasnews.com/2014/09/historic-downtown-dallas-office-tower-sold-for-hotel-project.html/Read more at {Source}

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