CA Partnership Emerges as 313,000-SF Winner

AMARILLO, TX-Chase Tower LLC, led by David Long of Chino, CA, has acquired the 313,000-sf Chase Tower, the tallest building in the city. The buyer is planning a long-term hold of the 93%-leased high rise, which came to market in July for $20 million.

“The buyer already owns the Wells Fargo building in Amarillo and just recently sold the Bank of America building to another group so they’re very familiar with this market,” says Aaron Emerson, senior adviser with Sperry Van Ness in Amarillo. He represented Amarillo Commercial Group LP, the local seller of the 31-story, class A office building at 600 S. Tyler St.

Emerson tells GlobeSt.com the bidding process came down to the California partnership and a New York City investor, adding the seller’s comfort level and buyer’s track record is what ultimately won the deal for Long and his partners.

Emerson says the new owners have talked about upgrading the 37-year-old building’s common areas and freshening up the exterior, building on the $1.5 million of renovations completed by the seller. Emerson retains the leasing assignment while McCartt & Associates of Amarillo will continue as property manager.

“The reason why we did so well with this building is that the former owners were willing to spend the money on it,” Emerson says. “These buyers seem to have the same attitude. They’ll be able to take the momentum that’s already there and take it to the next level.”

Chase Tower’s vacancy consists of about 9,300 sf on the seventh floor and some suites on the 19th and 20th floors. Emerson says space is so tight in the building that the 6,800-sf Sperry Van Ness’ office is under negotiation to a potential tenant.

“If they end up leasing it, we don’t know where we’d end up moving,” Emerson confesses. “We’d love to stay in the building. But it’s more important we get the building leased up.”