The Comerica Bank Tower in downtown Dallas has a new owner, with plans for a hotel and resi makeover for part of the building.
Woods Capital — already one of the largest owners downtown — is taking a large stake in 1717 Main Street.
The 60-story Comerica Bank Tower contains 1.5 million square feet of office space. The landmark tower has been owned by a partnership headed by Dallas-based TriGate Capital since 2015. Now Woods Capital has quietly picked up ownership of the tower, the Dallas Morning News reports.
Terms of the deal were not disclosed, but it was confirmed that Woods Capital affiliate Pacific Elm Properties will work with TriGate to renovate the building. They plan to add residences and hotel rooms to the office tower.
“I personally think it’s the nicest building in Texas — or the entire South and Southwest for that matter,” Woods CEO Jonas Woods told the DMN. “It’s an incredible, irreplaceable asset.”
Woods’ portfolio includes Santander Tower, Bryan Tower, One Dallas Center, 2100 Ross and One AT&T Plaza. The developer and investor is converting large sections of the Santander Tower and Bryan Tower from office to residential space.
“By converting static office vacancy into luxury residential or hotel, we are able to add amenities and improve the quality and vibrancy within not only our properties but the entire neighborhood, which we believe will have a meaningful and lasting impact on office fundamentals in downtown Dallas,” Woods said.
While office-to-residential conversions have been touted as a savior in the nation’s flagging office market, such conversions were planned or recently completed in just 2 percent of the nation’s 4 billion square feet of office inventory, according to a November report from CBRE.
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