The latest Dallas office tower to change hands isn’t getting a resi makeover or turning into a modern corporate hub.
The Crossings II at 5501 Lyndon B. Johnson Freeway has been bought by the Dallas Independent School District, the Morning News reported Tuesday.
The seller, an affiliate of Irving-based Thompson Realty, owned the 12-story high-rise since 2004. Though DISD representatives didn’t disclose information on the transaction, CommercialCafe assesses its value at more than $24 million. According to its website, the Irving-based real estate firm marked The Crossings I and The Crossings II as sold. The two 80s-era office towers total more than 500,000 square feet in the affluent area just east of the Dallas Galleria.
The nearly 300,000-square-foot Crossings II is the second commercial property purchased by DISD since 2016. The district picked up a much larger 16-story office tower on the North Central Expressway and has used the building as its headquarters since.
The state has had difficulty retaining teachers, with more than 37,000 quitting before the start of the last school. Clay Robison, spokesperson for the Texas State Teachers Association, told the Dallas Observer that he expects the number this year will be “significantly more.”
Heading into the new school year, the Dallas ISD has been trying to lure teachers from Austin with $3,000 sign-on bonuses. It’s even launched a billboard campaign across Central Texas, Arizona and Arkansas.
— Maddy Sperling
Read more
