Biggest D-FW Real Estate Deals of 2019
Like the Energizer Bunny, Dallas’ real estate market never seems to run out of juice. Almost a decade into the current property market upswing, builders and investors are still scrambling to launch new projects all over North Texas. And there’s no sign of overbuilding or buyers’ remorse from property acquisitions that are still closing at a frantic pace. With an estimated 250 people a day moving to the region and annual job creation holding at close to 100,000, it’s hard to be pessimistic about where the local real estate market is headed. The biggest questions for 2020 revolve around whether interest rates will remain low and whether the boogeyman of recession will stay away. Here are some of the biggest Dallas real estate deals of 2019.
Biggest turnaround: First National Bank tower
A plan to revive the last big vacant tower in Dallas’ downtown skyline was circling the drain when two saviors stepped in. The $450 million renovation of the almost two decades vacant First National Bank tower faced a series of delays and was in doubt when developer Todd Interests of Dallas and its financial partner Moriah Real Estate took over the deal. The 52-story Elm Street landmark is being repurposed as a combination of apartments, hotel rooms, retail and office space. The first tenants will move into the historic skyscraper — which first opened in 1965 — late in 2020.
Biggest sales: 1900 Pearl Street & Pioneer Natural Resources
Two North Texas property sales hit a high mark in 2019. Downtown Dallas’ new 1900 Pearl office tower brought almost $700 a foot when it was sold to an Ohio pension fund. It was the highest per square-foot price ever paid for a North Texas office. And the $585 million sale of the new 1.1 million square-foot Pioneer Natural Resources headquarters in Irving topped the local market in terms of the largest total price tag in 2019. A partnership of Saudi, New York and Washington, D.C., investors grabbed the deal. More than $20 billion in D-FW commercial real estate transactions were recorded in 2019.
Biggest next project: Field St. District
Biggest mansion buy: 10711 Strait Lane
With two movie theaters and a $10 million water park in the yard, the 4.3-acre Strait Lane estate is one of Dallas’ largest megamansions. The French-inspired palace of Preston Hollow has 37,000 square feet with room for 10 bedrooms, 22 bathrooms, 10 living areas and four dining areas. There’s a 10-car garage, two basketball courts, a tennis court, a gymnasium and a bowling alley, too. Listed for sale at $32 million, the Gatsbyesque spread was purchased by developer Mehrdad Moayedi, who plans a redo...
