A nearly century-old building in downtown Lubbock is getting new life after being sold in a $2.2 million deal last June to a Texas-based law firm with eight offices throughout the Lone Star State.
The Texas Criminal Defense Group purchased the two-story, 27,282-square-foot office building the law firm currently occupies through partner Shane Byrd from GHD Real Estate Holdings of Lubbock after it was on the market for about eight months. The 1930-built office building is adjacent to the city's police station, giving them a leg up in representing their clients. This deal is a prime example of how sectors outside of traditional professional services are supporting the office market in Lubbock.
The building acquisition was selected by a panel of local industry professionals as the winner of the 2024 CoStar Impact Award for sale of the year for Lubbock.
About the Deal: The office building was priced at $2.3 million when it landed on the market in November 2022. The Texas Criminal Defense Group is occupying the property, which one of the partners acquired in June 2023.
What the Judges Said: The deal adds to the vitality of Lubbock's downtown, said Cathy Potter, vice president of program and events at the Lubbock Chamber of Commerce. "The revitalization of downtown Lubbock depends on improvements to buildings downtown like this," Potter added.
He Made It Happen: David Powell of KW Lubbock represented the seller, GHD Real Estate Holdings.