Brookwood Financial, a real estate investment company based in New England, has bought an office tower in the Las Colinas section of Irving.
Brookwood bought the 125 E. John Carpenter Freeway tower and plans to spend approximately $3.7m renovating it, Dallas News has reported.
The tower was originally built in 1982, and was called Caltex House for years. It stands 18 stories tall, and comprises some 400,000 square feet. An additional building of 50,000 square feet was part of the deal. The seller was General Electric (GE) Credit Equities, which owned the tower from 2012 through the date of the sale, and put approximately $5m into renovations.
Peloton Commercial Real Estate is the leasing agent for the property, and its spokesman, Chuck Sellers, says the tower is approximately 60% leased. The largest vacant space at the tower is 150,000 square feet, making it one of the biggest spaces available in the entire Las Colinas Urban Center.
Brookwood's director of acquisitions, Thomas W. Brown, said the company's investment will build on the improvements GE had already made, and should allow them to offer tenants competitive rates and attractive improvements.
Once the renovations are complete and tenants move in, they will probably want to work with Stationery printers to create attractive letterhead furnishing customers with their name, address, phone numbers, website, and other vital contact information.Get a Free Quote for Stationery
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