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Wow! How the mighty have fallen, believe it or not, one of the signature towers of the Dallas Skyline will be going into forclosure. That's right, lenders have set a forced sales on the 50 floor Thanksgiving Tower set for February 5, 2013. The tower which was built in 1982, and has a mirrored glass cladding, rising from 1601 Elm St, is owned by a California Investor whom purchased the property in 2007.
Berkadia Commercial Mortgage has requested teh forclosure filing, as it's current owners are outstanding 85 million dollars in debt, which is now in default. The tower itself is over 1.4 million square feet, and is valued at about $60,000,000.00 at todays market rate. The current tenants of the property are Gardere Wynne Sewell, Petro Hunt LLC, Veritas Advisory Group, and the Better Business Bureau of Metro Dallas. The property was purchased for $100 million dollars in 2007 by Younan Properties. Other properties which have been pushed into forclosure include the Patriot Tower and KPMG Centre.
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