One of Uptown Dallas’ first office towers has changed hands.
The 17-story Advancial Tower at Woodall Rodgers Freeway and Akard Street has been purchased by a partnership of Dallas’ Woodbine Development and First United Bank.
The 147,000-square-foot high-rise, built in 1984, will be upgraded to serve as the Dallas headquarters for Oklahoma-based First United Bank.
“Partnering with Woodbine and acquiring this building is an important step for First United and serving our customers,” Ryan Suchala, Dallas market president at First United, said in a statement. “An investment like this demonstrates our commitment to Dallas and our great team of bankers.”
The concrete and glass Advancial Tower is just across the freeway from the headquarters of Hunt Consolidated, which owns Woodbine Development. It overlooks Klyde Warren Park.
First United Bank plans to create new offices in the building that include collaborative workspaces, a coffee and learning lounge, and a community room that will be available to the public.
Woodbine, which specializes in hotel and resort developments including downtown Dallas’ Reunion Hyatt Hotel, plans to upgrade the office building with valet and executive car services and a concierge for tenants.
Dallas commercial real estate firm Thirty-Four Commercial has been hired to market the building to potential office tenants.
“Our leasing team is excited about the new ownership, the improvements they will make to the building, and their concierge approach to serving our tenants,” Sarah Hinkley of Thirty-Four Commercial said. “Woodbine’s background in development and asset management coupled with First United Bank’s financial strength will be unique to office ownership.”
First United Bank and Woodbine purchased the Advancial Tower from a real estate partnership headed by Dallas’ restaurateur and real estate investor Mike Karnes, who has owned the property since 2015.
Tenants in the Advancial Tower include Advancial Federal Credit Union, architect Omniplan and Firebird Restaurant Group.