One of the tallest skyscrapers in downtown Dallas has a new owner that is keeping plans intact to create a "mixed-use destination" through a partnership with Stream Realty Partners.
An affiliate of Toronto-based Slate Asset Management acquired full ownership of Comerica Bank Tower, a 60-story, 1.7 million-square-foot skyscraper in downtown Dallas, from the prior owners comprising a limited liability company affiliated with TriGate Capital and Pacific Elm Properties. Terms of the deal were not disclosed.
Slate has partnered with Dallas-based Stream Realty Partners to "reposition the property into a premier mixed-use destination," and support its ongoing leasing efforts, a Slate spokesperson told CoStar News in a statement.
"Comerica Bank Tower has been an iconic fixture in the Dallas skyline for nearly 40 years, and we are pleased to be stewarding this tower's evolution, so it can best serve the Dallas community today and for decades to come," the Slate spokesperson said.
Slate appears to be picking up where Pacific Elm Properties left off in terms of reimagining Comerica Bank Tower. The property management arm of Woods Capital had early plans to convert about half of the office tower into apartments. Representatives for Pacific Elm Properties and Woods Capital did not immediately respond to requests for comment from CoStar News.
About a third of the tower is vacant, with CoStar data clocking the building's occupancy rate at 65%. Comerica is the skyscraper's biggest office tenant with more than 220,000 square feet of leased office space. The Philip Johnson-designed building was added to the Dallas skyline in 1987 and is one of the city's tallest skyscrapers.
Dallas County appraisers last valued the office tower at $156.9 million. Slate declined to comment further to CoStar News about the terms of the deal.
Ramsey March, Stream Realty's executive managing director and partner, will oversee the redevelopment project on behalf of Slate.
"The same results we accomplished for Trammell Crow Center are available to Comerica Bank Tower under Slate's ownership," March said in a statement sent to CoStar News. "It's the centerpiece of downtown and deserves a redevelopment befitting its importance to the city of Dallas."