Sason Organization, a real estate investor with offices in New York and Miami, is diving into Texas with the purchase of twin low-rise office buildings.
The firm has acquired 104 and 106 Decker Court in Irving, two three-story office buildings totalling almost 98,000 square feet. The price wasn’t disclosed, but the property was appraised for tax purposes last year at $9.5 million, or about $97 per square foot.
The firm plans to spend $2.5 million on renovations.
The Class B office buildings, constructed in 1980 and ’81, have underground parking. Tenants include a med spa, a software company and a construction firm. Leases go for $27 per square foot per year, according to listings on Loopnet.
The buildings overlook the Las Colinas Country Club golf course, complete with balconies for tenants to collaborate and mingle, and Sason is looking to maximize their experience with the renovation.
Plans include construction of an outdoor pavilion connecting the two buildings and total makeover of the lobby and common areas. An on-site athletic club and landscape improvements are also planned.
Located off Highway 114 and North O’Connor Boulevard, the properties have been rebranded as Cascade I and II.
“Cascade will look and feel more like a boutique hotel than an office property of old once our repositioning is complete,” said Joshua Sason, principal of Sason.
Dallas-based Stream Realty Partners’ Chase Lopez and Patrick Cruz will provide leasing services for the renovated building, which they expect will “transform the market perception of … the entire neighborhood,” Lopez said.
The Dallas-Fort Worth area is among the markets leading the charge for return-to-office, with amenities and flexible workspace options attracting tenants.
The Las Colinas market also saw some of the highest positive net absorption rates in DFW, growing net absorption from negative 184,500 in the second quarter of 2022 to positive 157,000 in the third quarter, a rebound of nearly 185 percent.
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