The Davis Building, a 20 story high-rise in downtown Dallas, has been put up for sale according to Dallas Business News. The property, owned by a partnership set up by Hamilton Properties, was financed with $32.6 million in CMBS debt that has been turned over to a special servicer; the owners have been unable to restructure or replace the financing. Marcus & Millichap Real Estate Investment Services will be marketing the property for sale. "It's the kind of quality asset that only comes to market once every decade or so," said Tom Huth of Omnium Management Co., who's been hired to oversee the Davis Building disposition. "The building is close to 90 percent leased and is doing very well."
Completed in 1925 at 1309 Main St. in Dallas, the property was the former home of the Republic National Bank, a high profile bank until the Savings and Loan crash of the '80's. The building was vacated in 1986 when the owners of the building planned to update the office building, and was later opened as a residential high-rise.
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