Dallas-based Woods Capital, in partnership with Third Point Opportunities Master Fund, has acquired Thanksgiving Tower, an iconic 50-story office tower located in the Main Street District of downtown Dallas.
“Downtown Dallas is experiencing an extensive urban revival, and the Main Street District is quickly becoming one of the most vibrant neighborhoods in the City. Thanksgiving Tower should play a significant role in this revitalization and establish itself as a premier address once again” said Jonas Woods of Woods Capital. “We are prepared to invest the capital, time and energy over the long haul. We want to see Downtown Dallas return to prominence, and Thanksgiving Tower reestablished as one of Dallas’ most prestigious office towers.”
Thanksgiving Tower is located at 1601 Elm Street, near the center of the Main Street District. The acclaimed Joule Hotel, historic Neiman Marcus flagship store, Main Street Garden Park and a number of new restaurants and retail shops are nearby.
The 50-story high rise was built in 1982 by the Hunt family, becoming the second-tallest building in Dallas and considered by many to be the city’s nicest building at that time. Its major tenants include law firm Gardere Wynne Sewell, Petro-Hunt, Looper Reed, and The Tower Club, Downtown Dallas’ premier private dining club. Woods Capital will be moving their offices to Thanksgiving Tower from Uptown.
Thanksgiving Tower was sold in a foreclosure auction in February 2013 after an $84 million CMBS loan went into default.
Woods Capital completed the acquisition on an ‘all-cash’ basis and is prepared to invest significant capital for the major redesign of lobbies and other common areas inside and outside the building to dramatically improve the streetscape and bring additional amenities into the neighborhood. Woods Capital will also replace or upgrade the building systems and address deferred maintenance items.
“This is great news for Thanksgiving Tower and for Downtown Dallas,” said John Crawford, president of Downtown Dallas, Inc. “Our belief is that the Main Street District – with the additional boost that this major investment in Thanksgiving Tower provides – is becoming anincredibly vibrant spot filled with people coming here to live, work and play.”