Dallas businessman Ray W. Washburne started talks last summer for the building, which never came to market, says King Laughlin of the King Laughlin Co. in Dallas. He and his well-known teammates broached the subject with Cottonwood after learning client Washburne was amenable to buying as well as leasing. The closing was delayed until two days ago because the 17-year-old office building at 1845 Woodall Rodgers Freeway had to be extricated from a portfolio financing package, Laughlin explains to GlobeSt.com.
As negotiations wound through the usual channels, Washburne had a broker scouting for replacements for two key tenants whose exits left several floors empty. As they say, all's well that ends well and Woodall Rodgers Tower is now Advancial Tower, Washburne has the deed and everyone involved is celebrating.
Laughlin, Wayne B. Swearingen of Barclay Commercial Group Inc. and Tod Fobare of Fobare Commercial brokered the deal for Cottonwood, which also includes Salt Lake City investors. With the successful closing comes a leasing and management pact for the Dallas-based Fobare Commercial, under the leadership of Rick Currey. Mike Quint of Jackson Cooksey in Dallas handled talks for Washburne on the 26,000-sf, long-term pact with Advancial Federal Credit Union. The tower is now 90% occupied as Washburn preps to move his Charter Holdings Inc. into office accommodations as owner instead of tenant.
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