It needs work, but this downtown listing is an opportunity to own a piece of Dallas history.
New Orleans-based KFK Group is offering up One Main Place, a 33-story office building at 1201 Main Street that’s also home to a 323-key Westin Hotel, which is not part of the listing.
The building features more than 650,000 square feet of office space and is 36 percent occupied.
JLL is marketing the listing as a value-add investment opportunity. Up to 10 floors – about 234,000 square feet – can be converted to residential, the listing said. The asking price wasn’t disclosed.
The tower, which was built in 1968, was originally supposed to be part of a three-building superblock project, but it was the only building constructed. One Main Place was listed on the National Register of Historic Places in 2015. According to Dallas City Hall, One Main Place was the city’s first fully electric building.
KFK Group purchased it in 2014 after previous owners defaulted on more than $60 million in loans. When the building traded hands, it was 50 percent occupied.
KFK renovated the building in 2015; the update included adding the hotel to the building’s top 10 floors, the Dallas Morning News reported.
Forest Perkins, an architect based in Dallas, designed the renovation.
Office-to-resi conversions are notoriously difficult to pull off and just as hard to make money off of. The National Bureau of Economic Research, in coordination with New York University and Columbia University, recently identified 50 Dallas-Fort Worth buildings structurally ripe for conversion, the Dallas Morning News reported. One Main Place didn’t make that list.
The vacancy rate for Dallas’ central business district was 26.4 percent in April, according to Partners Real Estate.
KFK Group is a developer that was founded in 1996. The firm has renovated or converted multiple multifamily properties and hotels in New Orleans.
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