Dallas Skyscraper Owner Raided by FBI

Federal investigators are scrutinizing operations of the owners of one of downtown Dallas' skyscrapers.Austin-based investor World Class Holdings bought downtown Dallas' 34-story 717 N. Harwood office tower in 2014. The company has done other deals in North Texas, too.On Wednesday agents of the FBI raided World Class Holdings' downtown Austin office and were seen removing documents and other materials from the firm, according to reports from The Austin American-Statesman and other local media.There were also reports federal agents searched World Class CEO Nate Paul's home.Paul founded World Class Holdings in 2007 and has grown the real estate firm's assets to more than $1 billion. The company owns properties across the country.World Class purchased the Dallas' 717 N. Harwood tower and did a renovation of the 1980s high-rise after lead tenant KPMG moved out of the building leaving a large vacancy.The tower is now leased to tenants including Omnitracs, Kibo Software, Active Network and Telepacific Communications, county tax records show.World Class and Paul were recently sued by a Dallas family trust that had invested in a property the company owned in Uptown. The investors who say they put $1.5 million into the McKinney Avenue claim in the legal action that the building was sold without their knowledge.The trust is seeking to recoup its original investment plus damages.  Continue reading...

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