Lionstone Investments and PegasusAblon announce sale of Dallas’ Ross Tower

December 23rd, 2015 by Jessica MacDonald

HOUSTON, Texas (December 23, 2015)—Houston-based private equity firm Lionstone Investments and Dallas-based developer PegasusAblon announced that they have sold Dallas’ iconic Ross Tower on behalf of an institutional investor who has owned the property since 1999.

Located in the heart of downtown Dallas at Ross and Akard streets, the 45-story skyscraper originally known as Lincoln Plaza was renamed Ross Tower in 2013 following the completion of a $25-million renovation finished by Lionstone and PegasusAblon. “In 2012, Lionstone Investments was chosen by the institutional owner to lower risk and increase the value of the property,” notes Jane Page, CEO of Lionstone Investments. “Partnering with PegasusAblon, we repositioned the building to reflect its prime location in Dallas’ Art District, and in the following three years, rents and occupancy increased while tenant experiences dramatically improved.”

The lobby, amenities, and public areas of the 1.1 million-square-foot building were completely remodeled and the acquisition of adjacent property increased parking to a ratio of 3 spaces per 1,000 square feet.

“PegasusAblon is proud of the role it played in repositioning this trophy asset and creating a competitive advantage with the building’s unmatched parking ratio. These changes facilitated the sale efforts and enabled us to maximize proceeds for the investor,” said Mark Roppolo, Senior Vice President of PegasusAblon.

PegasusAblon was the asset and leasing manager for Ross Tower while Transwestern Property Co. was responsible for property management. The building was purchased by Hill Partners, an Austin-based investment group, on behalf of an undisclosed client.

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