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Thanksgiving Tower's New Chance

DALLAS-In thisUPDATE to a previous story about Thanksgiving Tower in the CBD, John Alvarado with CBRE talks to GlobeSt.com's Amy Wolff Sorter about marketing and selling the 1.4M-SF foreclosed office building.

By Amy Wolff Sorter | Updated on July 14, 2013

DALLAS-In early 2007, Younan Properties acquired the 1.4-million-square-foot Thanksgiving Tower in downtown Dallas in a value-add play. The office building, at the time, was 58% leased, with less than 8% of the in-place leases up for renewal that year.

Between the time when the Los Angeles, CA-based Younan acquired the building – with help from a $106 million loan underwritten by Countrywide Commercial Real Estate Finance – and when Woods Capital bought it from foreclosure just last week, the occupancy hasn’t changed much. CBRE’s John Alvarado says the asset at 1601 Elm St. was 55% occupied at closing.

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