Granite Properties Lists Historic Factory Six03 in Dallas

A century-old factory turned offices is hitting the market in Downtown Dallas, as Granite Properties looks to cash out on the repositioned West End building.

The Plano-based developer confirmed it listed Factory Six03, a 215,000-square-foot office building at 603 Munger Avenue, but declined to say why it’s selling, according to the Dallas Morning News. The seven-story property, originally built in 1903, blends historic brick architecture with modern office interiors after a multimillion-dollar redevelopment.

The building is about 78 percent leased, with tenants including Sam’s Club, Blue Cross Blue Shield and co-working operator The Common Desk, according to a listing on LoopNet. Cushman & Wakefield is marketing the property. The Dallas Central Appraisal District recently valued it at $30 million for tax purposes.

Factory Six03 carries both local and national historic designations, factors that can boost its appeal but also complicate redevelopment options. Granite acquired the property in 2015 for an undisclosed price after it had sat vacant for roughly a decade and poured more than $44 million into capital improvements to reposition it as Class A office space, according to the publication.

The building’s pedigree traces back to the Brown Cracker & Candy Company, which once employed more than 1,000 workers producing sweets in the West End complex. Over the decades, it cycled through uses as a biscuit factory, furniture showroom and retail hub, according to the outlet. By the late 1980s, it had been redeveloped into one of Dallas’ first festival marketplaces, complete with a 10-screen cinema and a Planet Hollywood outpost.

More recently, the tenant roster has seen some churn. Communications firm 46 Labs signed a 25,000-square-foot lease at the building last year, taking over space formerly occupied by the Sam’s Club Innovation Center. Walmart shuttered that downtown tech hub last year as part of a broader office consolidation, according to the publication. — Eric Weilbacher