Chase Tower's Got A Buyer But The Price Tag's Lower Than Hoped
New York-based Fortis Property Group is expected to snap up Chase Tower, one of the tallest skyscrapers in Dallas. Hines put the 54-story 1.3M SF tower on the market earlier this year; HFF was responsible for marketing it.
Estimates for the sales price have been lower than expected—around $375M—due to the 76% occupancy rate, according to the Dallas Business Journal. Tenants include Deloitte and international law firms Greenberg Traurig; Locke Lord; and Norton Rose Fulbright, which has relocated within the tower since Hines invested millions in extensive renovations to the building. [DBJ]