A partnership controlled by Dallas based real estate developers Roger Gault of Gault Company and Robert Gunby with RTG Capital LLC has purchased an office building located at 5757 Alpha Road for an undisclosed amount. Formerly known as Alpha Tower, the North Dallas office building has approximately 170,000 square feet and sits on 4 acres of land. It is located near the Northwood neighborhood and Northwood Country Club and will be renamed Northwood Tower.
The location is across from the former Valley View Mall which will eventually be developed into a mixed-use project consisting of office, retail, restaurant, multi-family and hotel uses.
The area around the Galleria is being redeveloped with new and upgraded projects and is expected to continue eastward between Alpha Road and LBJ towards the Preston Road Corridor.
The building, which is currently 32% leased, was built in 1983 and has functional floor plans. The renovation will include enhanced landscaping, lighting, signage, lobby and common area upgrades, along with a new HVAC system and elevator upgrades. GFF Architects and SMR Landscape Architects, Inc. have been retained to design these improvements.
“The building has “good bones”, a fully secured parking garage, and is in a location that will only get better over the next several years,” said Roger Gault. “We have plans to substantially improve and enhance Northwood Tower while still offering some of the lowest office rents in this submarket.”
“This building has tremendous visibility from 360 degrees,” Robert Gunby added. “You can see downtown and north Plano/Frisco from the upper floors. This provides a great option for larger tenants who would prefer not to pay the higher rents required in Preston Center or Frisco, but still receive quality amenities and finish out. The height and location, near LBJ and the North Dallas Tollway, also allows for great building signage that can be seen from all directions, which is rare.”
The renovation completion is slated for year-end 2018.