Foreclosure auction brings $64.2M for Dallas tower

DALLAS – The 18-story tower at 3500 Maple Ave. has been sold for $64.2 million at a foreclosure auction.

The tower, which was built in 1985, sits near Reverchon Park near Turtle Creek, and is 56 percent occupied. It was last valued at $51.9 million, according to the Dallas Central Appraisal District.

Wells Fargo, the lender for the tower, posted the 376,710-sf mirrored glass high-rise building for foreclosure soon after the previous ownership group, known as NNN 3500 Maple VF 2003 & LLC, went through the Chapter 11 bankruptcy process.

The auction brought out more than 25 bidders to the Dallas courthouse, said George Roddy Sr., president of Addison-based Foreclosure Listing Service Inc.