An international investor provides more than $113 million in debt for tower.
A just-sold Uptown Dallas high-rise has taken on new debt.
Last month, the 18-story Richards Group tower on North Central Expressway in the Cityplace development was acquired by a partnership of local and New York investors.
Buyers OliveMill Holdings, Hunt Realty Investments and New York investor Angelo Gordon bought the high-rise from an affiliate of Dallas advertising firm The Richards Group, which has occupied the building since it was constructed seven years ago.
Commercial property firm Jones Lang LaSalle arranged a five-year loan with a fund managed by global investor AllianceBernstein.
The debt on the building was more than $113.7 million, according to county records.
The building originally cost $45 million but was most recently valued for taxes at more than $60 million.
Real estate brokers anticipate that the prime office space will be marketed to other business tenants.
The Richards Group is now known as TRG. Officials there say they haven’t decided whether the firm will stay in the office tower.
The advertising and marketing firm has seen a steep decline in its workforce after it lost major accounts due to controversial comments by founder Stan Richards. Richards is no longer with the firm.
Designed by architect Perkins + Will, the Uptown tower has 12 floors of office space on top of a large garage.
Jones Lang LaSalle’s Jim Curtin, Kris Lowe, Rex Cruz and Ryan Pollack arranged the financing for the building purchase.
