Bradley Mindlin, principal of the Los Angeles-based company,says upgrades to Woodview Tower at 1349 Empire Central will swinginto full force shortly after 2008 begins. "This building shouldlook like a brand-new building by March or April," he says. Builtin 1982 and renovated in 1997, the building's upgrades will includea new chiller, roof and several floors of spec suites. The team istargeting tenants in 2,000-sf to 5,000-sf range, with the class A'sspec floors being built out with a full-service common breakroom.

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"The view is this market is still a big-tenant market, but thereare more small-tenant deals there," Mindlin tells GlobeSt.com.There are 17 tenants now in place, with the largest being the USPostal Services' legal division.

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Mindlin subsidiary, Darby Real Estate Services, will lease andmanage the asset just like it does for the firm's other one millionsf in Dallas. And for the first time in years, there will be anon-site office, Mindlin says. Darby employees Beall Carothers andDawn Williamson have been assigned to the building.Mindlin says helikes to own buildings 30 to 60 days to "find the personality"before embarking on a retooling plan. With that done, talks havebegun with Clinton Climate Group to devise an energy-efficiencyprogram for the tower. "It won't be a LEED building, but it canbecome a greener building," he says.

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Mindlin closed the all-cash deal right before Thanksgiving,inking it three weeks ahead of schedule. Grubb & Ellis Co.senior vice president Scot Farber and Tom Strohbehn in Dallasbrokered the sale from Boston-based TA Associates Inc. TriSailCapital Corp., a Los Angeles-based division of Bank of America,provided 18-month financing for the acquisition and renovation.TriSail's Kirk Malmrose and Brian Eisner of George Elkins MortgageBanking, also in Los Angeles, packaged the loan. Mindlin's notdiscussing financials, but Dallas County has the asset and theadjacent extra 3.3-acre tract assessed at $6.97 million.

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Mindlin says the going-in plan is to hold the asset "four orfive years," building in time to fix, lease and stabilize. The13-story building's top floor and the one below it represent thelargest contiguous block of open space--31,062 sf.

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[IMGCAP(2)] Mindlin says leasing will start from the bottom up,reserving the top two floors for full-floor users, deals that couldnail top-of-the-building signs visible from Interstate 35E. Otheramenities include a 6:1,000 parking ratio due to the extra land,which is paved and lined for surface parking, and a plan to add anairport shuttle for tenants.

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As for the brokers' incentives, Woodview Tower will become partof Darby's "lease and set sail" giveaway raffle and second-placechances for private parties and dinners at leading metroplexrestaurants. "If there's a true showing, you'll get your name inthe till," Mindlin says. "And if it's a true showing, we'll beatanybody else's deal. We're also offering free rent on adeal-by-deal basis." The opening quotes are $14.50 per sf to $15.50per sf gross.

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