Dallas' Coit Central Tower, which was built in 1984, has recently been purchased by the Gutow Company and the buyer has announced its plans to spend in excess of $10 million dollars to renovate their new acquisition.
The property, located about a dozen miles from the Stemmons Freeway at 12001 N. Central Expressway, was sold by Atlas Coit Central LLC for an undisclosed amount. For tax purposes the 13-story property was valued at $23.1 million.
Vertical Partners LLC partnered with the Gutow Company in obtaining the 13-story property. John Armes, Dan Pond and James Engels with Vertical Partners will be in charge of leasing of the building that is currently 50 percent occupied by leased tenants with another 15,000 square feet of new leases secured.
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According to Gutow planned improvements include built-out spec suites, upgraded common areas and upgrading other amenities with a budget between $10 and $12 million to spruce up the approximately 250,000-square-foot building. Additional planned for updates and leases will be revealed in the upcoming months.
The Gutow Company was founded in 2003 and has zeroed in on purchasing value-add retail, office and multi-family properties. Also owned by the company is the 9900 N. Central Expressway office building which is close by the company's newest purchase.
