Dallas-based Woods Capital, in partnership with Third Point Opportunities Master Fund, has acquired Thanksgiving Tower. The 50-story, 1.4 million-square-foot office building is at 1601 Elm St. in Dallas. It was acquired by Woods on an all-cash basis.
John Alvarado, Gary Carr, and Eric Mackey of CBRE helped put the deal together, representing the seller, Berkadia.
“We are witnessing the return of institutional investors to the CBD, and the recovery of downtown Dallas is under way,” said Alvarado, senior vice president, in a statement. He called Thanksgiving Tower “one of the most compelling value-add opportunities in 2013.”
Jonas Woods of Woods Capital said his team is prepared to invest the capital, time, and energy needed.
“Downtown Dallas is experiencing an extensive urban revival, and the Main Street District is quickly becoming one of the most vibrant neighborhoods in the city,” he said in a statement. “Thanksgiving Tower should play a significant role in this revitalization and establish itself as a premier address once again. We want to see downtown Dallas return to prominence.”
Thanksgiving Tower was built in 1982 by the Hunt family. At the time, it was the second-tallest building in Dallas. Today, it’s about 55 percent occupied, anchored by Gardere Wynne Sewell LLP, PetroHunt, and XTO Energy, a business unit of ExxonMobil. It also houses the Tower Club.
Woods Capital will move its office to Thanksgiving Tower from Uptown. The company was founded in 2007 by Jonas Woods, a former Hillwood executive who played a significant role in the early development of Victory.
Plans for Thanksgiving Tower include new amenities and a major redesign of lobbies and other common areas, inside and out. Woods Capital says it will also replace or upgrade building systems and take care of maintenance items that had been deferred.
