Reserve acquires Los Colinas office building

Faith in the office market ain’t dead yet, at least in the Dallas-Fort Worth area. Reserve Capital Partners purchased the 12-story Crestview Tower office building in Irving. 

Reserve purchased the building, at 105 Decker Court, in partnership with Trinity Investors from Austin-based CapRidge Partners. Financial details were not disclosed but the property was assessed at $38 million last year, according to the Dallas Central Appraisal District. 

Crestview is currently 78 percent leased. A 2,000-square-foot space on the first floor is listed at  $27 per square foot, or about $55,000 a year. In 2022, the average cost for Class A office space was $38 per square foot in Dallas and $34 in Irving’s master-planned community Los Colinas, according to JLL.  

Reserve plans to spend “multiple millions” improving the building’s amenities. The firm hired Stream Realty Partners to lease the building, according to a news release. Stream has also been a tenant at the property for the past decade.

The building is located next to the Los Colinas Country Club. It’s 11 miles from DFW International Airport and 12 miles from downtown Dallas.

Dallas architectural firm Entos Design has been hired to renovate the building’s entry, lobby, fitness center, tenant lounge and outdoor patio. Reserve Capital didn’t reveal exact construction plans but said work should begin this year and take four months. 

The building is designated as a Class A, but Reserve co-founder Brant Landry said the renovations will make it a “true Class A asset.”

DFW was named the top CRE market in the nation last year, and the city’s 10 largest office sales raked in over $1.58 billion. Post-pandemic, some office submarkets in North Texas have regressed, while areas like Far North Dallas, Irving and Uptown are on the rise.