Dallas office building gets new owner, more than $10 million in renovations planned

A Dallas office building has changed hands, and its new owner plans to spend more than $10 million on renovations.

Dallas-based The Gutow Company announced that it acquired the 13-story property at 12001 N. Central Expressway in partnership with Dallas-based Vertical Partners LLC.

Terms of the deal weren’t disclosed. The sale was recorded in county records last week. Atlas Coit Central LLC was the seller. The Dallas Central Appraisal District valued the property at $23.1 million for tax purposes.

Gutow said the group plans to spend between $10 million and $12 million to upgrade the roughly 250,000-square-foot building.

D-FW Real Estate News

Planned improvements include upgraded common areas, built-out spec suites and revitalizing other amenities.

Previously known as Coit Central Tower, the property was built in 1984. The building is roughly 50% leased, and the ownership group has secured 15,000 square feet of new leases.

Several additional deals are being discussed. Additional leasing and planning updates will be announced in the coming months.

James Engels, Dan Pond, and John Armes of Vertical Partners will handle leasing for the building.

Founded in 2003, The Gutow Company focuses on acquiring value-add office, retail and multi-family properties. The firm owns the nearby 9900 N. Central Expressway office building.

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