After nearly two years spent in the shadow of growing debt, the 60-story Comerica Bank Tower in Downtown Dallas may soon come into the light of new ownership.
Fort Worth-based commercial property investor M-M Properties Inc. and CBRE Global Investors have partnered to investigate buying the 25-year-old skyscraper, say real estate sources for the Dallas Morning News. The landmark building — designed by famed architect Philip Johnson and his partner John Burgee — last sold in 2006 for an estimated $216 million
A $178.6 million loan affixed to the property, owned by mortgage-backed securities investors, is set to come due in 2017. Last year, Denver real estate investor Dividend Capital Total Realty Trust foreclosed on a $20 million loan on the building at 1717 Main, the paper adds.
For more about the Comerica Bank Tower see the DMN website.
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