The Olymbec Group, a Canada-based family investment group helmed by Richard Stern, picked up one of Dallas' last skyscrapers on the market this week with the acquisition of 1700 Pacific. CBRE was selected to market the property in August of last year, and represented the seller, Berkeley Investments Inc. (which had owned the property since 2005), in the deal. Terms of the deal were not disclosed, though according to the Dallas Central Appraisal District, 1700 Pacific is valued at $51 million.
"1700 Pacific presented an opportunity to acquire a meaningful stake in the ongoing transformation of the Dallas [Central Business District]," John Alvarado, senior vice president of CBRE, said in a statement. "Investors were attracted to this property because it is well positioned to capture surplus demand from Uptown by serving as a cost-effective alternative that provides high-quality space and amenities."
"They were excited about what they see happening in downtown Dallas," John Crawford, president and CEO of Downtown Dallas Inc., an advocacy group for the city's urban core, told the Dallas Business Journal. "They did their due diligence and decided to go hard with some money, which is a step in the right direction. But nothing is over until it's over."
The 1.3 million-square-foot, 49-story office building was built in 1983 and sits across the street from the planned Pacific Plaza park. The property was over 40% leased at the time of sale with major tenants including Akin Gump Strauss Hauer & Feld LLP, Neiman Marcus, Mary Crowley Medical Research Center, and Southcross Energy.
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