A Las Colinas office tower has changed hands.
The Crestview Tower is near State Highway 114 in Irving. The 12-story building includes almost 270,000 square feet of space and was built in 1982.
Since 2014, the building has been owned by Austin investor CapRidge Partners.
It’s been bought by an investment group that includes an affiliate of Dallas’ Reserve Capital Partners. Southside Bank provided funding for the transaction.
The new owners plan to reposition the property.
“We’re going to do a pretty significant upgrade from where it is today,” Reserve Capital founder Brant Landry said. “It’s a phenomenal location. The southwest side of the building overlooks Las Colinas Country Club.”
Landry said planned improvements for the tower include new lobby areas, tenant lounge, fitness center and outdoor spaces. Entos Design is working on the renovations.
He said the building is almost 80% occupied.
“One of the reasons why we bought it is the asset is not broken, it just needs to be improved,” Landry said. “We are already in negotiations for another 8,000 to 10,000 square feet in leases.”
Reserve Capital Partners has a track record of owning office and industrial properties in several states.
“Most investors are scared of office right now,” Landry said. “We are still bullish on it and looking for opportunities to buy.”
Newmark Group’s Robert Hill, Chris Murphy, Gary Carr and Chase Tagen brokered the Crestview Tower sale.
Reserve Capital Partners last year broke ground on a Garland business park. And the commercial property firm previously acquired a Farmers Branch office building on LBJ Freeway.
Crestview Tower is just the latest Irving office building to change hands.
In December, Austin-based investor Capital Commercial acquired the 365,000-square-foot Exxon Mobil campus in Las Colinas.
And the Riverside Commons office campus was sold to a local investor.
The two-building Decker Hills office complex in Las Colinas also recently traded.
Dallas-Fort Worth was the country’s top commercial property investment market in 2022, with more than $42 billion in properties sold.
