EXCLUSIVE: Goff Capital On West End's Evolution
Three of Dallas' biggest institutional investors are betting on the West End's return to a thriving business center. One reason this corner of Downtown Dallas will be the next big thing: It’s the only place to find brick-and-timber space for creative types. We sat down with Goff Capital Partners last week to learn why West End’s 1M SF may be the hottest ticket Downtown.
West End’s transformation started when Granite Properties bought the 237k SF West End Marketplace at 603 Munger Ave (we showed you Factory Six03 last month). In December, both Spear Street Capital and Goff Capital Partners (in a JV with Long Wharf Real Estate Partners) each made acquisitions. Spear Street bought the 134k SF Landmark Center at 1801 N Lamar St and the Goff JV acquired about 200k SF from Five Smooth Stones. Goff Capital Partners and Crescent Real Estate Equities acquisitions manager Stephen Luik (left, with CBRE/UCR senior associate Jonathan Diamond, who repped Goff and works with Jack Gosnell focusing on the Downtown Dallas area) tells us the demand for old brick-and-timber work spaces outweighs the supply.
Goff acquired 211 Record along with 501 Elm and 800 Jackson. Corgan (which officed at the 128k SF 501 Elm—pictured—for about 20 years before building its own HQ) is in the midst of designing updates to the historic buildings. The firm understands West End and how to maintain its authenticity while bringing the buildings up to Class-A standards. Stephen says his team is looking to take two levels of executive suites back to shell condition to create an open 12k SF office with an internal stairwell, fully equipped kitchen and a balcony offering sweeping views of the West End. 501 Elm was built in 1906.
211 Record (pictured) houses the Holocaust Museum and JFK Museum Store. Stephen says the lobby in the 36k SF building will be redone. There are 36 condos in the building (built in 1911) that are not connected to the sale, he tells us. No price tag has been determined, Stephen tells us, as the project is still in the design phase. It should be completed by 2017. All three buildings are connected by meandering halls that Stephen assures us will see some improved wayfinding among the updates. The third building is the 40k SF 800 Jackson, completed in 1913. Goff Capital Partners is eyeing other acquisition opportunities within the West End now.
Jonathan—showing us a CBRE/UCR map of Downtown—says there are other projects of significance in the West End, as well. The Holocaust Museum is planning to build a new 50k SF museum on a parking lot bounded by Record, Houston, Pacific and Ross. New multifamily project 555 Ross is slated to open in March. Jonathan is leasing the old Butcher Shop Building at 1911 Lamar St, across from Granite’s Factory Six03.