North Dallas high-rise goes to investor Ray Washburne

Dallas investor Ray Washburne has made a high profile property purchase.

Washburne has just acquired the 10000 NCX Tower, a 15-story high-rise office building on the North Central Expressway near Walnut Hill Lane in north Dallas, currently about 70% owned by tenants such as Milliman Inc., Amfirst Financial, Corvel Corp. and Forrester Research is rented.

As part of the purchase agreement for the tower, Washburne said it would move another prime tenant to the high-rise office building – the Advancial Federal Credit Union.

The finance company is now in an office tower on Woodall Rodgers Freeway on the edge of downtown, which Washburne owned for many years.

“Your lease is imminent and they called me and asked if I could find a building to buy,” said Washburne. “I hired Colliers International and they scoured the market.

“Advancial will take up 50,000 square feet of office space on two and a half floors,” he said. “This means that 98% of the building is rented out.”

Washburne said it acquired the North Central Expressway Tower in an off-market transaction from previous owner Westdale Real Estate. Westdale – Deep Ellum’s largest landowner – had owned the building since 2015.

Creighton Stark and Chris Boyd from Colliers International brokered the sale of the building. Colliers International also coordinated the financing of the purchase. The terms of the transaction were not disclosed.

“The momentum in Dallas is unmatched by any other market in the country,” Stark said in a statement. “Expect additional investment activity along the North Central Expressway corridor as institutional capital continues to identify high quality office properties in North Texas.”

Washburne is the same investor working on the redesign of The Dallas Morning News’ former offices next to the Dallas Convention Center.

And he leads the ownership of the Highland Park Village mall landmark.

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