Contact:
Carol Lommerse
Faison Enterprises, Inc.
121 W. Trade Street, 27th Floor
Charlotte, NC 20202
http://www.faison.com
FAISON, CSFB SELL DOWNTOWN DALLAS OFFICE TOWER
Charlotte, NC - 7/21/05 - The sale of downtown Dallas landmark
1700 Pacific Avenue has been finalized and officially changed hands. The 1.3
million square foot office building was sold by a partnership comprised of
affiliates of Credit Suisse First Boston (CSFB) of New York and Faison Enterprises,
Inc. of Charlotte, NC for a price close to $100 million. The purchaser is an
affiliate of Berkeley Investments, a Los Angeles-based investment firm that
will relocate to Dallas and maintain its headquarters in 1700 Pacific. John
Alvarado and Josh McArtor of Trammell Crow Company’s Capital Markets
Group represented CSFB and Faison.
1700 Pacific is a 49-story granite-clad building
located in the heart of the Dallas CBD. It is anchored by a roster of high
profile tenants including law
firms Thompson & Knight, LLP and Akin Gump Strauss Hauer & Feld LLP,
JPMorgan Chase & Co., Neiman Marcus Group, McGraw-Hill Companies, Inc.,
a Charles Schwab financial center, and national retail tenants Starbucks,
Subway, Taco Bell, Mrs. Field’s, Camille’s Sidewalk Cafe, Pizza
Hut, Poblanos and Cafe’ Esprit. The building underwent an extensive
renovation to its lobby and concourse levels as a part of the repositioning
for sale.
Faison Enterprises, Inc. is a privately-held real estate and
investment company
with a diversified product portfolio that includes retail, commercial and
residential project development, management and acquisitions services.
With more than 40
years in the business and holdings of approximately $1.3 billion, the Charlotte
N.C. based company manages and develops properties throughout the South
and Mid-Atlantic and maintains regional offices in Bethesda MD, Washington
DC,
Charlotte NC, Atlanta GA, Orlando and Delray Beach FL. For more information,
visit www.faison.com.
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MEDIA CONTACT: Carol Lommerse, Faison, 704-972-2669
