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.
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