The 24-storey, 549,170-square-foot Class AA Occidental Building, now known as 5005 LBJ Tower, was recently acquired by New York Life Real Estate Investors and Encore Office, LLC. The building is located at the northwest corner of the Dallas North Tollway and the newly re-constructed LBJ Freeway in Dallas.
"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.
According to the press release of the New York Real Estate Investors in PR News Wire, the building was owned by Occidental Tower Corporation, a subsidiary of Dallas-based Occidental Chemical Corporation (OxyChem) since 1992. At the time of acquisition, 5005 LBJ Tower was 94 percent leased with key tenants such as the Susan G. Komen Foundation, Encore Enterprises and OxyChem.
"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 multi-million dollar lobby renovation and overall campus improvement will be done within the few months. The new ownership team also plans to develop a new conference facility, a tenant lounge, and a state-of-the-art fitness center.
The responsibility for the leasing and management of the asset was given to Stream Realty Partners with the leadership of J.J. Leonard, managing director, Sara Terry, vice president, and Chase Lopez, senior associate of Stream's office division in Dallas.
"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 at Stream Realty Partners.
