An Uptown Dallas office building known for its ground-floor steakhouse has new owners.
Two Maryland-based firms, Montclif and FCP, acquired 2401 Cedar Springs, a seven-story, roughly 200,000-square-foot office building at the intersection of Maple Avenue and Cedar Springs Road, the firms announced Wednesday. The seller was Fort Worth-based Crescent Real Estate.
Representatives for Montclif declined to provide financial details about the deal. Erik Weinberg, founding partner of Montclif, told The Dallas Morning News that the deal closed Monday. The transaction hasn’t been recorded in deed records yet.
Weinberg said the new owners plan to invest $5 million to $10 million in renovations that will include a new lobby, conference center and renovated lower level wellness floor. Weinberg said the building’s occupancy rate is about 60%. Real estate firm JLL is the building’s marquee tenant and houses its regional office there. Upscale Korean-Texas fusion steakhouse Nuri occupies the building’s ground floor.
The deal is the partnership’s first acquisition in Dallas following Montclif’s launch in April.
“The location is at the epicenter of where the growth has has migrated in Uptown,” Weinberg said. “It’s a really good building from the inside out. … The rents will be significantly below what it costs to build a new building.”
Jonathan Napper, Bailey Wood and Rett Daugbjerg of JLL represented the seller in the transaction. JLL’s Greg Napper and Blake Tyson arranged the acquisition financing. Blake Shipley, James Esquivel and Ashley Curry of JLL will lease the building on the new owners’ behalf.
Data from real estate firm CoStar shows there were roughly 171 office properties on the market as of mid-July. That represents 10.9 million square feet of space — a 10-year high.