The 14th Tallest Building on the Dallas Skyline is up for Sale.

Ross Tower, a 1.1 million-square-foot, 45-story tower at 500 North Akard Street, appears to be up for sale.

Matt Murphy, the director of Cushman & Wakefield’s Texas office advisory group, said in a LinkedIn post that the tower is being marketed to investors. Ross Tower has recently undergone a modernization through a $14 million capital improvement program that upgraded the building’s elevator system, improved common areas and replaced the cooling tower, according to the post.

The building is 60 percent occupied, according to Murphy, and features tenants like the Dallas Regional Chamber, CoStar, Munsch Hardt and Grant Thornton, according to the Dallas Morning News. The asking price wasn’t listed by Murphy in the LinkedIn post, and the outlet noted that the Dallas Central Appraisal District pegged the property at upwards of $99 million for tax purposes.

Recent bets on Downtown Dallas properties cite their proximity to Uptown, where the city is seeing a flourishing financial district. A key enticement for prospective buyers looking to bolster the tenant roster, according to the post, is that the in place rents are 15 percent below market.

In the post, Murphy said that the combination of lower rents for class A space, available square footage with companies exiting downtown, and the thriving Uptown Dallas area just a few blocks away, give the tower solid fundamentals for the right buyer.

The tower is currently owned by a partnership that includes Bandera Ventures of Dallas, HPI Real Estate and Second City Real Estate. The joint venture purchased the tower in 2015, and it was renovated in 2018, according to the post.

The tower was named Lincoln Plaza until 2013, and was formerly the headquarters of multinational oilfield products company Halliburton. Ross Tower is the 14th tallest building in the Dallas skyline.

As Uptown’s Y’all Street continues to grow, building owners are beginning to look at cashing in on the influx of new companies as an option. Hillwood Urban is currently exploring a sale of Victory Commons One, who just signed Scotiabank as a new tenant.

— Hunter Cooke