Goff Capital Partners LP is teaming up with Long Wharf Real Estate Partners to acquire three historic buildings in Dallas’ West End district. The properties, which total 182,844 square feet, were acquired from Five Smooth Stones, led by Owen Hannay, who’s also chairman and CEO of Slingshot LLC.
Fort Worth-based Goff Capital is led by Crescent Real Estate chairman John Goff. The three properties—501 Elm St., 211 Record St., and 800 Jackson Ave.—were all constructed in the early 1900s and are located along the DART commuter rail line. Goff plans to target users seeking a “highly amenitized and truly walkable” environment. “Historic West End is one of only three submarkets in Dallas that can offer this unique dynamic which appeals to the more than 1.9 million millennials working in the Dallas market,” he said.
Crescent Property Services LLC, a subsidiary of Crescent Real Estate Holdings, will manage the West End assets. Peloton Commercial Real Estate will oversee leasing. Dallas architecture and design firm Corgan will work with Goff Capital on common area and suite upgrades.
Goff’s move is the latest as Dallas landlords strive to meet a demand for startup and “creative class” space, much of which is concentrated in downtown Dallas and surrounding micro-markets like Deep Ellum, the Design District, and The Cedars. Alto Partners, for example, redeveloped its turquoise 1950s office tower at 211 S. Ervay St. into a “tech mecca” called Alto 211. And Granite Properties acquired the 237,000-square-foot West End Marketplace at 603 Munger Avenue in July. It has renamed the building Factory Six03 and is doing an adaptive reuse to cater to the creative class. Additional projects—potentially involving new development—are in the works.
