Buyers rescue Dallas skyscraper from debt woesBuyers rescue Dallas skyscraper from debt woeshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=71932013-06-04T16:01:00Z2013-06-04T08:00:00Z

DALLAS - A partnership of M-M Properties Inc. and CBRE Global Investors purchased the 60-story Comerica Bank Tower, which opened in 1987 at 1717 Main St.

The red granite office tower has faced mortgage problems during the last couple of years. Since lenders foreclosed on part of the debt last year, the bondholders, who had a $178.6 million loan on the Main St. high-rise, have been trying to come up with a solution.

The new owners plan to make upgrades to the office tower and aggressively market it to business tenants.

Comerica Bank has had its headquarters in the tower since 2007, but the bank has no financial interest in the property.

The sale of the downtown tower puts the landmark building in solid ownership, said John Crawford, who heads the economic development group Downtown Dallas Inc.

The skyscraper last sold in 2006 for an estimated $216 million.

Dallas Morning News
Dallas-Fort Worth-Arlington
http://bizbeatblog.dallasnews.com/2013/06/buyers-rescue-landmark-downtown-dallas-skyscraper-from-debt-woes.html/Read more at {Source}

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