Downtown Dallas for Sale Signs Are Spreading With Another Tower Up for Grabs

Another Dallas skyscraper has hit the market, bringing to four the total number of downtown skyscrapers offered for sale.Canadian owners of the 49-story 1700 Pacific Tower are now hunting a buyer for the office building.Montreal-based Olymbec Group has hired HFF to sell the tower at Pacific Avenue and St. Paul Street.Built in 1983, the 1.3 million square-foot high-rise is less than 40 percent occupied.Olymbec Group has been in the midst of a more than $10 million redo of the granite and glass tower, upgrading the retail court and revamping the lobby area.The skyscraper is right across the street from the new Pacific Plaza Park, which is set to open late this year."At its current occupancy, the Property represents one of the most compelling re- development opportunities remaining in the Dallas market due its steep discount to replacement cost and dramatic upside potential," HFF says in its marketing pitch for the property.HFF is marketing the tower as a potential mixed-use project with the addition of hotel and residential units on the upper floors.  Continue reading...