Tuesday, December 11, 2018
 
DALLAS POWER & LIGHT
Dallas, TX

 
Situation

Through internal efforts, TXU marketed for sale a 188,000 square foot asset for over two years but was unable to attract a qualified buyer. TXU turned to C&W to dispose of the former headquarters facility of Dallas Power & Light. In a market with historical vacancy rates for class C space that exceeds 50%, the firm challenged C&W with disposing of the property within 15 months at a rate 20% above market comparables for similar properties. C&W exceeded the time and sales parameters established by TXU.

Approach 

  • Identified alternative uses and potential purchasers for the property based on a highest and best use analysis.
  • Located more than 100 potential users/buyers from groups including hotel, condominium, multi-family, and office users.
  • Issued Offering Memorandum and coordinated the competitive bidding process in order to maximize the value of the property.

 Results

  • Achieved a sales price in excess of $22/RSF, well above the market average for similar projects.
  • The conversion of the property to residential and retail addressed the growing need for affordable residential units within the Dallas Central Business District.
  • Based on the positive benefit to the CBD, the City of Dallas approved TIF monies and provided a tax abatement to the purchaser in order to facilitate the redevelopment of the property.