6/5/2012 11:56 AM
A California-based investor purchased Four Forest Plaza in north Dallas for $23 million. The buyers plan to renovate the 19-story office tower in order to fill the currently half-empty building.
Adler Realty Investments Inc. bought the building from Younan Properties Inc.; both businesses are based in California.
Adler plans to spend $11 million on the renovations, according to the Dallas Business Journal.
"The company is eyeing other properties in Dallas-Fort Worth that could be repositioned and add value to its investors," the Journal reported.
It is interesting to note that this entire 19-story office building cost almost a quarter of the price of the One57 penthouse in New York City, which sold for $90 million last month.