Montclif, FCP Acquire Dallas Office Building
JLL is a tenant of the property.
Montclif and FCP have acquired 2401 Cedar Springs, a seven-story, 200,000-square-foot office building in Uptown Dallas. The transaction marks the first Dallas acquisition for the venture since Montclif launched in April of this year.
The previous owner of the Class B building was Goldman Sachs Asset Management, according to Yardi Matrix. The sale amount was not disclosed.
Built in 1987, 2401 Cedar Springs is immediately north of the Crescent, adjacent to 23 Springs and near the Quad redevelopment and the Katy Trail. The building serves as JLL’s Central Region headquarters and is home to Nuri Steakhouse on the ground floor.
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Montclif Co-Founder Erik Weinberg told Commercial Property Executive that the building is currently 63 percent leased.
The surrounding mixed-use environment includes trophy office space, restaurants and a wide range of corporate housing and hotels. Based on the density of financial services, legal and professional services firms in Uptown Dallas, the buyers intend to reposition the building to take advantage of rent growth in the submarket.
Montclif and FCP are planning a multimillion-dollar renovation of the building, including a redesigned lobby, a new conference center and a renovated lower-level wellness floor.
JLL Senior Managing Director Jonathan Napper, Director Bailey Wood and Associate Rett Daugbjerg represented the seller. JLL Managing Director Greg Napper and Director Blake Tyson sourced the acquisition financing. Senior Managing Director Blake Shipley, Managing Director James Esquivel and Senior Vice President Ashley Curry will handle leasing for the asset.
The state of DFW
Based on price and square footage, the Dallas–Fort Worth market saw its largest sale of the year so far in May, when Vanderbilt Office Properties, Hillwood Urban and TriPost Capital Partners purchased The Towers at Williams Square, a 1.4 million-square-foot office campus in Irving, Texas. That asset serves as the headquarters for Caterpillar, a manufacturer of construction and mining equipment.
In the second quarter of 2026, the DFW office market saw decreased leasing activity, but also positive net absorption and lower vacancy, according to a report from Partners Real Estate. The Uptown/Turtle Creek submarket has the highest rental rates in the metro, averaging $64.72 gross for Class A space and $43.70 for Class B.
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