Adolphus Tower For Sale
|Bisnow has learned that Henry S. Miller’s Investment Division was awarded the 'for sale' listing of 182k SF Adolphus Tower (1412 Main St, Dallas) by its undisclosed owner. HSM probably doesn't mind that the building inked 15k in new deals to six companies since Jan. and is 70% occupied (CBD average is 79%, according to CoStar).|
Another 40k SF is ready to lease, including this space where we snapped HSM EVP Darrell Hurmis and associate Mark Boynton on the 26th floor. Mark said more leases are in the final stages. Building tenants get a bonus: valet parking, thanks to its spot next door to the historic Adolphus Hotel. The area is growing, Darrell says, with the opening of the Joule last year. The Magnolia, many restaurants, and a number of residential buildings are all within walking distance, too.
“The neat thing about this building is the very small floor plates," Darrell says. "A lot of downtown building floor plates are 20k SF, but here someone could have an entire floor for 7k SF." Mark notes that for smaller tenants, it’s a big plus to have a 2500 SF space with elevator exposure; it gives them a real presence. Darrell says the building was stagnant for three to five years, but the last 12 to 18 months have really picked up because people want to be downtown.
Adolphus Tower property manager Leslie Coke joined Darrell and Mark in the lobby. All of the new leases were handled by Mark. Other brokers involved include Allan Bailey Group’s John Bailey, who repped Focus Communications and Time Finance Co, and Peloton Real Estate Partners’ Grant Sumner, who repped RA Global Services, Inc. Mark says business owners are starting to “come out from under their desks” and make some decisions. Speaking of decision-making, Mark’s spare time is spent with his fiancé trying to determine when and where they’re going to get married.