One of Uptown Dallas’ most visible office towers has been sold.
The Richards Group 18-story skyscraper overlooks the North Central Expressway in the Cityplace development at Blackburn Street and was purchased by a partnership of local and New York investors.
Built in 2015, the 250,000 square foot office building was constructed to house the corporate headquarters of the Dallas Richards Group advertising and marketing company.
Dallas-based commercial real estate firm OliveMill Holdings and Hunt Realty Investments have teamed up with New York-based Angelo Gordon – a major investor with billions of dollars in real estate in the United States and abroad – to purchase the building. from Dallas.
The partnership bought the tower from SBR Real Estate Holdings LP, a company created by the Richards Group to build the head office. Richards Group CFO Scot Dykema signed the sale documents and was listed as the manager of the partnership that sold the building.
Representatives for Angelo Gordon declined to comment on the company’s plans for the tower.
Terms of the contract are not disclosed. The building originally cost $ 45 million, but was recently assessed for tax purposes at over $ 60 million.
Richards Group CEO Glenn Dady, who confirmed the sale, said the company is evaluating whether it will stay in the Cityplace tower.
“It is not known if The Richards Group will remain in the building as a tenant,” Dady said in an email. “We are currently in talks with the new owners.
Richards Group designed the tower at 2801 North Central with architect Perkins + Will to house more than 600 employees. The city of Dallas provided economic incentives based on the employment figures.
The ad company began cutting employees in 2020 after losing major accounts over controversial comments from founder Stan Richards. Richards has since left the company.
Richards Group’s downsizing in the Dallas building ended property tax breaks last year. Real estate brokers say the company intends to reduce its office footprint.
The new owners of the Richards Group building are:
- Angelo Gordon, who has raised billions of dollars in financing to acquire properties around the world in recent years. The company invests in everything from offices to warehouses and apartments.
- Hunt Realty Investments, a leading Dallas real estate company with local plans including the redevelopment of 11 acres of North End on Field Street just north of downtown Dallas. It is also a partner in the community development of 2,500 acres Fields in Frisco.
- OliveMill Holdings, a company recently formed by Chris Selbo, Peter Yates and Ryan McManigal in 2021, former executives of Dallas-based developer KDC. OliveMill is a full service company focused on investment, rental, management services and development. The company targets assets located in high growth shopping and employment centers to maximize returns and value.
“It’s an exciting time to work in the office building segment, and we’ve found great partners with Hunt Realty Investments and Angelo Gordon,” Selbo said in a statement. “We look forward to a long relationship as we share a similar vision of focusing on the people side of office assets and leaving properties better than we found them.”
OliveMill Holdings worked with Hunt Realty late last year to move the downtown Dallas offices of JPMorgan Chase Bank and the Petroleum Club to the Hunt Building at Akard Street and Woodall Rodgers Freeway.
Due to its prime location on the freeway in Uptown, next to the DART Cityplace light rail station, the Richards Group building would be very appealing to businesses looking for a Dallas address.
“The quality and location of the building is unmatched, and it fits perfectly with our goal of acquiring high quality assets in dynamic locations,” said Yates. “We want to be good stewards of this iconic building on one of Dallas’ busiest highways.
The area north of downtown is expected to experience a shortage of office space over the next year, with few new buildings opening until 2023 or later.