Goldman Sachs JV Nabs Dallas Office Asset
- Jan 12, 2018
A joint venture between Goldman Sachs and Crescent Real Estate has purchased an office building in Dallas’ Uptown neighborhood. The 180,397-square-foot 2401 Cedar Springs was constructed in 1987 as the headquarters for the previous owner, Guidestone Financial Resources, which continues to occupy the building. Following the short-term lease’s termination, the property will be redeveloped.
Located at 2401 Cedar Springs Road, the asset is less than a mile from interstates 345 and 35 East as well as the Dallas North Tollway, offering convenient access across the region. Several restaurants, Hotel Crescent Court and the city’s trolley system are within walking distance. Bus stops can be found adjacent to the property.
The joint venture plans to renovate the common areas and the facade, and add new on-site amenities. Guidestone will move its headquarters this summer at the Pinnacle Tower in North Dallas, where it will occupy 115,000 square feet.
“As one of the best located existing office buildings in Uptown Dallas, 2401 provides unmatched access and convenience to one of the region’s most desirable submarkets. Once the short-term lease ends, the entire building will be available for lease, making this building an incredible opportunity to prospects once we complete the building upgrades as planned,” said John Zogg, managing director with Crescent, in a prepared statement.
In the past year, Goldman Sachs has made several acquisitions together with its partners, including a historical commercial building in Denver.
Image courtesy of Yardi Matrix