New Location Health Department | Totaling +- 300,000 SF
Dallas County was looking for a new office to buy to house the health department. When I phoned Dallas County to inquire about submitting a property, I was told that there was a contract on their desk to purchase Mockingbird Towers and it was in the pipe line to go through legal and I was too late. I knew that the asking price of Mockingbird Towers was $15,000,000 or $50 per foot and that there a lot of asbestos in the building that would require remediation. Due to extensive research, I knew that the Resolution Trust was getting ready to offer the Bright Bank Headquarters on Stemmons Freeway for sale which consisted of two 150,000 SF buildings. I called Resolution Trust and found out the asking price was $4,500,000 for 300,000 square feet or $15 per foot.
I got in my car and drove to the offices of Dallas County and told them about the building but the person in charge said I was too late and he didn’t want to take the time to look at the building and said he had to leave and go to a meeting, there was absolutely no interest on his part. I went back to my office emailed the information to members of the Dallas County Commissioners Court because I knew that $15 a foot would be great deal for Dallas County. Three days later I received a phone call from that same county official working the transaction saying that the Dallas County Commissioners Court had instructed him to go take a tour of the building.
Dallas County bought the two buildings for $4,100,000 or $13.66 per foot and that county official was promoted to Director of Public Works because of all the money he saved Dallas County on the transaction. The transaction was written up in the Dallas Business Journal as the ” Property Sale Deal of The Year. ”
Persistence by the broker Allen Cantwell, Dalmont Cantwell Partners LLC. and good market research paid off handsomely for Dallas County, a total savings of $10,900,000.