Woods Capital and Dundon Capital Partners acquired One AT&T Plaza, a landmark 37-story, Class A office tower that houses AT&T’s global headquarters and is situated at the heart of Dallas’ revitalized central business district. The fully amenitized, 965,800 square-foot building is the central point of AT&T’s downtown campus.
Located on the southeast corner of Commerce and Akard streets at 208 S. Akard Street, One AT&T Plaza is fully leased to AT&T through August 2030 and has served as the company’s global headquarters since 2008.
“We are excited to continue our commitment to Downtown Dallas with this investment in the global headquarters of one of the most dynamic, highly profitable and well managed media and entertainment companies in the world,” said Tom Dundon, Chairman and Managing Partner of Dundon Capital Partners.
“AT&T has consistently demonstrated a strong commitment to Dallas and is leading the way in downtown’s revival with substantial, long term investments. We believe that AT&T shares our vision of downtown becoming one of the most vibrant neighborhoods in Dallas. We look forward to working with AT&T and continuing to participate in the dramatic growth of downtown,” said Jonas Woods, President of Woods Capital.
Ground floor renovations currently underway at the property are part of the $100
million AT&T Discovery District project, which is rapidly transforming the neighborhood into one of downtown’s most popular public spaces. Upon completion, several city blocks will be converted to pedestrian-only access and numerous neighborhood amenities will be added including 40,000 square feet of restaurant and retail space, a proposed 2-story food hall with balcony dining, outdoor gathering and performance areas, a water garden and a 6-story video wall facing Commerce.
“As the global headquarters for a world leader in communications, media and
entertainment, and technology, One AT&T Plaza presented one of the most compelling investment opportunities on the market,” said Gary Carr, Vice Chairman with CBRE in Dallas. “AT&T has made a long-term commitment to the Dallas CBD and has announced its intention to invest $100 million in additional development around the campus to transform it into a true destination for employees, residents and tourists.”
The partnership between Dundon Capital Partners and Woods Capital purchased the asset from Icahn Enterprises for an undisclosed price. Michael Monahan, Gary Carr, Evan Stone, John Alvarado, Eric Mackey, Robert Hill and Jared Chua with CBRE’s Office Investment Properties arranged the transaction on behalf of the seller.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting;property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About Dundon Capital Partners
Dundon Capital Partners LLC is a private investment firm headquartered in Dallas, Texas. Founded in 2015, Dundon Capital Partners LLC is focused on private equity and credit investments across industries and asset classes. The firm is led by founder Tom Dundon, its Chairman and Managing Partner, who has more than 20 years of experience as an entrepreneur, operator, and investor. The firm is active in commercial real estate in select markets and has holdings in several top-quality office towers in the downtown Dallas core. Selected current portfolio investments include the Carolina Hurricanes, Carvana, Employer Direct Healthcare, Topgolf, OTO Development and Park Cities Asset Management.