{"id":1004136934,"date":"2016-02-12T01:37:39","date_gmt":"2016-02-12T09:37:39","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004136934"},"modified":"2021-05-14T20:28:03","modified_gmt":"2021-05-15T04:28:03","slug":"ny-life-encore-acquire-5005-lbj-tower-in-dallas","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ny-life-encore-acquire-5005-lbj-tower-in-dallas\/","title":{"rendered":"NY Life &amp; Encore Acquire 5005 LBJ Tower in Dallas"},"content":{"rendered":"<p><em>By Adelina Osan, Associate Editor<\/em><\/p>\n<p><strong>Dallas<\/strong>\u2014A massive office asset located at one of Dallas&#8217; premier addresses recently changed hands. <a href=\"https:\/\/www.newyorklife.com\/realestateinvestors\" target=\"_blank\" rel=\"nofollow rel= noopener\">New York Life Real Estate Investors<\/a> and <a href=\"https:\/\/encore.bz\/office\/\" target=\"_blank\" rel=\"nofollow rel=noopener noopener\">Encore Office LLC <\/a>acquired the 549,170-square-foot 5005 LBJ Tower, formerly known as the Occidental Tower.<\/p>\n<p>The office building changed ownership for around $95 million, according to the <a href=\"https:\/\/www.bizjournals.com\/dallas\/news\/2016\/01\/29\/occidential-tower-sells-for-about-95m-to-joint.html\" target=\"_blank\" rel=\"nofollow rel=noopener noopener\">Dallas Business Journal<\/a>.<\/p>\n<div id=\"attachment_1004136937\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/02\/5005-LBJ-Tower.png\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004136937\" data-attachment-id=\"1004136937\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/ny-life-encore-acquire-5005-lbj-tower-in-dallas\/5005-lbj-tower\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/02\/5005-LBJ-Tower.png\" data-orig-size=\"550,393\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"5005 LBJ Tower\" data-image-description=\"&lt;p&gt;5005 LBJ Tower&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;5005 LBJ Tower&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/02\/5005-LBJ-Tower.png?w=550\" loading=\"lazy\" class=\"wp-image-1004136937 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/02\/5005-LBJ-Tower.png\" alt=\"5005 LBJ Tower\" width=\"300\" height=\"214\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/02\/5005-LBJ-Tower.png 550w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/02\/5005-LBJ-Tower.png?resize=300,214 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004136937\" class=\"wp-caption-text\">5005 LBJ Tower<\/p><\/div>\n<p>5005 LBJ Tower is a 24-story office property located at the northwest corner of the Dallas North Tollway and the newly re-constructed LBJ Freeway. The Class AA building was 94 percent leased at the time of the sale to tenants such as Susan G. Komen Foundation, <a href=\"https:\/\/encore.bz\/\" target=\"_blank\" rel=\"nofollow rel=noopener noopener\">Encore Enterprises<\/a> and OxyChem, which will continue leasing space in the building. The prime top five floors of the property will become available in August.<\/p>\n<p>&#8220;This unique, high quality asset is an excellent opportunity for us to invest in a key location in Dallas&nbsp;at a time when the revitalization of the Galleria area is just beginning,&#8221; said&nbsp;Scott Ingham, director at New York Life Real Estate Investors, in prepared remarks.<\/p>\n<p>&#8220;We could not be more pleased to have purchased this iconic property, which was made possible by the close relationship that we maintained over the years with Occidental,&#8221; said Patrick Barber, president &amp; CEO of Encore Enterprises.<\/p>\n<p>Renovations are in store for 5005 LBJ Tower, as the new ownership team plans a multi-million dollar lobby renovation and make improvements to the overall campus. Upgrades include a new conference facility, tenant lounge, and state-of-the-art fitness center.<\/p>\n<p>&#8220;This transaction is incredibly meaningful to us as it is where we have headquartered our office since 2006,&#8221; said Dr. Bharat Sangani, chairman of Encore.<\/p>\n<p><a href=\"https:\/\/streamrealty.com\/\" target=\"_blank\" rel=\"noopener\">Stream Realty Partners<\/a> was selected to manage and lease the asset. J.J. Leonard, managing director,&nbsp;Sara Terry, vice president, and&nbsp;Chase Lopez, senior associate of Stream&#8217;s office division in&nbsp;Dallas&nbsp;will lead the leasing efforts for the property.<\/p>\n<p>&#8220;There is a great deal of excitement about this acquisition with all entities involved. It&#8217;s one of the most iconic suburban assets in&nbsp;Dallas, combining unmatched quality, location and exposure for companies looking for high-quality office space,&#8221; said&nbsp;Leonard.<\/p>\n<p><em>Image courtesy of <a href=\"https:\/\/www.youngerpartners.com\/\" target=\"_blank\" rel=\"noopener\">Younger Partners<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York Life Real Estate Investors joined forces with Encore Office to purchase the former Occidental Tower in Dallas.<\/p>\n","protected":false},"author":735,"featured_media":1004136937,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1586,21743,21742,21747],"tags":[],"class_list":["post-1004136934","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dallas","category-deals","category-latest","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NY Life &amp; Encore Acquire 5005 LBJ Tower in Dallas - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/ny-life-encore-acquire-5005-lbj-tower-in-dallas\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NY Life &amp; Encore Acquire 5005 LBJ Tower in Dallas\" \/>\n<meta property=\"og:description\" content=\"New York Life Real Estate Investors joined forces with Encore Office to purchase the former Occidental Tower in Dallas.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/ny-life-encore-acquire-5005-lbj-tower-in-dallas\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-02-12T09:37:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-15T04:28:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/02\/5005-LBJ-Tower.png\" \/>\n\t<meta property=\"og:image:width\" content=\"550\" \/>\n\t<meta property=\"og:image:height\" content=\"393\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Adelina Osan\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/ny-life-encore-acquire-5005-lbj-tower-in-dallas\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/ny-life-encore-acquire-5005-lbj-tower-in-dallas\/\",\"name\":\"NY Life &amp; 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