A Dallas Skyline Standout Is Getting a Lot of Attention From Buyers

With 1.7 million square feet, it's the biggest building for sale in North Texas.The 56-story Renaissance Tower in downtown Dallas is a familiar figure on the skyline, with its towers on top and "dos equis" lighting at night.The 42-year-old skyscraper is being offered for sale by New York owners that bought the office tower in 2006.Commercial property firm CBRE is marketing the building to potential buyers.There are already a lot of tire kickers, say CBRE senior vice president John Alvarado."Interest has been strong across a broad spectrum of capital sources with over 150 individual requests" for info about the building, Alvarado said. " Groups who are touring are recognizing the dramatic changes occurring in downtown driven in part by residential and retail growth."The buyer of Renaissance Tower will have to keep their checkbook out after the purchase.The huge office building will need a redo to keep it competitive with other downtown towers that are remodeling to attract new tenants.Renaissance Tower is currently about 66 percent occupied.The building just signed a 229,000-square-foot lease with the Environmental Protection Agency, but the government office won't occupy the building until next year.The purchase includes a retail and food court and a 12-story parking garage.The current owners paid about $150 million when they bought Renaissance Tower a decade ago.Along with Alvarado, CBRE's Gary Carr, Eric Mackey, Jared Chua, Robert Hill and Pete VanAmburgh are on the marketing team for the tower.Subscribe to our new weekly real estate newsletter.  Continue reading...