McALLEN - Cielo Realty Partners has begun renovations on the 239,000-sf, 17-story Neuhaus Tower located at 200 South 10th St. The Hidalgo County Appraisal District values the Neuhaus Tower and surrounding nine-acre property at $9 million.
Built by McAllen State Bank, the 33-year-old Neuhaus Tower has offices that have not been renovated since the 1980s. “We’re long-term owners,” said Managing Partner Rob Gandy. “So we want to go in here and really invest the capital that is needed to last another 10-15 years.”
Three floors — the 15th floor (formerly occupied by L-3 Communications) and the 17th floor (which housed the Tower Club restaurant) remain unoccupied. Overall, tenants occupy about 73 percent of the building.
Austin-based Cielo Realty Partners purchased the Neuhaus Tower from Brookfield Asset Management, a Toronto-based company in July 2013.
See previous story McAllen's Neuhaus Tower goes to Austin buyer.
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