New York Life Real Estate Investors and Encore Office have announced the acquisition, on behalf of institutional investors, of 5005 LBJ Tower in Dallas Texas. Formerly known as Occidental Tower, the 24-story, 549,170 square foot office building is located at the northwest corner of the Dallas North Tollway and the newly re-constructed LBJ Freeway.
The new ownership team intends to carry out a multi-million dollar renovation of the building which will include a new conference facility, tenant lounge, and state-of-the-art fitness center. At the time of closing the building was 94 percent leased to tenants such as the Susan G. Komen Foundation, Encore Enterprises and OxyChem. Stream Realty Partners have been selected as the management and leasing team for the asset.
“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.
