A partnership controlled by Dallas-based real estate developers Roger Gault of Gault Co. and Robert Gunby with RTG Capital LLC has purchased a 170,000-square-foot office building at 5757 Alpha Road, and renovations are in the works.
Formerly known as Alpha Tower, the North Dallas office building will be renamed Northwood Tower. The high-rise on Alpha Road west of Preston Road was built in 1983 and is less than a third leased. It was bought for an undisclosed amount.
Architects GFF and SMR Landscape Architects have been hired to design a renovation of the tower and 4 acres of land it’s on.
The property is near the Northwood neighborhood and Northwood Country Club, across from the former Valley View Mall. The mall will eventually be developed into a mixed-use project consisting of office, retail, restaurant, multi-family and hotel uses, although progress on that project has been slow.
The area around the Galleria is being redeveloped with new and upgraded projects, and the improvements are expected to continue eastward between Alpha Road and LBJ Freeway toward the Preston Road corridor.
The renovation of Northwood Tower will include enhanced landscaping, lighting, signage, lobby and common area upgrades, along with a new HVAC system and elevator improvements.
“The building has ‘good bones,’ a fully secured parking garage, and is in a location that will only get better over the next several years,” Gault said in a prepared statement. “We have plans to substantially improve and enhance Northwood Tower while still offering some of the lowest office rents in this submarket.”
Gunby said the building has “tremendous visibility from 360 degrees.”
“You can see downtown and north Plano/Frisco from the upper floors,” he said.
The high-rise provides a viable option for larger tenants that would prefer not to pay the higher rents that buildings command in Preston Center or Frisco, but still want quality amenities and finish out, Gunby said.
“The height and location, near LBJ and the North Dallas Tollway, also allows for great building signage that can be seen from all directions, which is rare,” he said.
The renovation completion is slated for year-end 2018.
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