New York Life Real Estate Investors And Encore Office, LLC close on the acquisition of 5005 LBJ Tower
New York Life Real Estate Investors and Encore Office, LLC announced the acquisition, on behalf of institutional investors, of 5005 LBJ Tower, formerly known as Occidental Tower. The 24-story, 549,170 square foot office building is strategically located at the northwest corner of the Dallas North Tollway and the newly re-constructed LBJ Freeway in Dallas.
Since 1992, the Class AA asset has been owned, by Occidental Tower Corporation, a subsidiary of Dallas-based Occidental Chemical Corporation (OxyChem). The property is 94 percent leased to tenants including Susan G. Komen Foundation, Encore Enterprises and OxyChem, which will remain as a tenant in the building. The prime top five floors of the property will become available in August.
“This unique, high quality asset is an excellent opportunity for us to invest in a key location in Dallas at a time when the revitalization of the Galleria area is just beginning,” said Scott Ingham, Director at New York Life Real Estate Investors.
“We could not be more pleased to have purchased this iconic property, which was made possible by the close relationship that we maintained over the years with Occidental,” said Patrick Barber, President and Chief Executive Officer of Encore Enterprises.
“This transaction is incredibly meaningful to us as it is where we have headquartered our office since 2006,” said Dr. Bharat Sangani, Chairman of Encore.
The new ownership team intends to complete a multi-million dollar lobby renovation and make improvements to the overall campus. Renovations are expected to start within a few months and will include upgrades to the building’s amenities. Plans include a new conference facility, tenant lounge, and state-of-the-art fitness center. Stream Realty Partners has been awarded the management and leasing of the asset. J.J. Leonard, managing director, Sara Terry, vice president, and Chase Lopez, senior associate of Stream’s office division in Dallas will lead the leasing efforts for the property.
“There is a great deal of excitement about this acquisition with all entities involved. It’s one of the most iconic suburban assets in Dallas, combining unmatched quality, location and exposure for companies looking for high-quality office space,” said J.J. Leonard, managing director, Stream Realty Partners.