A key Turtle Creek property with a high-profile location has changed hands, and the new owners are contemplating a major development.
Dallas-based developer Lincoln Property Co. has quietly purchased the two-story office building at 2999 Turtle Creek Blvd. near the Mansion on Turtle Creek Hotel. The 25,000-square-foot office sits on more than 2 acres and is across the creek from the Perot family's new corporate campus.
Lincoln Property is marketing the luxury property to potential office tenants while looking to construct a high-rise behind the existing building.
"We just put the sign up," said Lincoln Property's Worthey Wiles. "We are still trying to evaluate what we can build there."
Constructed in 2004, the French Renaissance-style office building with underground parking was built by late Dallas real estate developer John Eulich.
At an estimated cost of almost $800 per square foot, the exclusive office housed Eulich's real estate and investment companies and his collection of fine art. The property includes the site of the fabled Cipango Club, which operated from 1946 to 1986.
Eulich died last year. One of his companies owned by the family sold the Turtle Creek building to a partnership set up by Lincoln Property. The acquisition was financed with a note from a Fort Worth energy firm, real estate records show. Terms of the transaction were not disclosed.
But the acquisition was likely one of the most expensive per-square-foot property transactions in North Texas this year.
The building and development site are on the edge of Dallas' booming Uptown district. The Perot family's Hillwood development group plans to build a high-rise office project on the vacant block next door.
Lincoln Property could construct a tower on the site behind the low-rise building to house multiple uses. Development sites in the Uptown and Turtle Creek area are scarce and properties trade for high prices.
A half-block building site on Maple Avenue in Uptown is on the market with an asking price of almost $400 per square foot.
Lincoln Property is one of Dallas' oldest and most experienced commercial real estate developers. The company just sold the Turtle Creek Village office and retail center in Oak Lawn, which Lincoln redeveloped. That property fetched more than $100 million at sale, real estate brokers say.
Lincoln also is finishing work on a 25-story office high-rise on Pearl Street in the downtown Dallas Arts District. The 260,000-square-foot tower is next to the Meyerson Symphony Center and will open in January.