Downtown Dallas Tower Up for Grabs Could Set New Skyline Price

Another downtown Dallas tower is hitting the market and could set a new price point.The 18-story KPMG Plaza in the Arts District was purchased three years ago by Korean investment fund.Now the high-rise is coming back on the market with commercial property firm Cushman & Wakefield about to launch a marketing campaign for the property.The 450,000-square-foot Ross Avenue office building is almost fully leased to tenants including accounting firm KPMG, UMB Bank, Jackson Walker LLP and Spencer Stuart.The office tower that's up for grabs is next door to the new 28-story Hall Arts Residences condos and hotel which is nearby completion. The Meyerson Symphony Center is right across the street.The last time KPMG Plaza sold in 2016 it went for under $500 per square foot.But the office building is likely to fetch a much higher price in today's market with upgrades in the Arts District and based on other recent sales.The nearby 1900 Pearl office tower recently sold for $700 per square foot - the highest price ever paid for a Dallas office project.The KPMG Plaza has restaurants on the ground floor facing Flora Street and a sculpture garden on the east side of the tower.The Arts District high-rise is one of a handful of downtown Dallas office buildings currently hunting buyers.  Continue reading...