Downtown Office Tower Back on the Market After Getting Picked Up Off the Auction Block
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An 18-story office building in downtown Dallas that was only just sold at auction last year is back on the market, with the real estate advisory firm handling the listing touting its conversion potential.
The property at 211 N Ervay St. was purchased by Utah-based Thistle Creek Capital for $8 million in February 2024. The 185,000-square-foot, blue-paneled office tower had gone into foreclosure after its previous owner, Plano-based Wolfe Investments LLC, ran into problems with a different lender.
Thistle Creek had supported Wolfe Investments’ acquisition of the property with a $13.5 million loan. Plans for the building at the time involved a $32.9 million renovation to install a hotel and one- and two-bedroom apartment units, according to a Texas Department of Licensing and Regulation filing.
“211 North Ervay is one of the most compelling conversion assets we’ve seen in the Dallas CBD,” said Mike Kennedy, principal at the real estate advisory firm Avison Young, which was hired to handle the listing. “Between adaptive reuse flexibility, adjacency to high-quality neighbors like the Joule Hotel and Santander Tower, the property is uniquely positioned to attract both institutional and entrepreneurial capital.”
Office conversions have been all the rage in recent years, with Dallas ranking second in the country for most units delivered in 2024. Downtown has been of particular interest to developers looking to make better use of underutilized office space, with the city center surpassing an estimated residential population over 15,000 last year.
Downtown has been getting plenty of attention the past few years. Growing concern over crime and homelessness alongside talk of big-ticket investments in the neighborhood seems to have culminated in greater attention from city officials looking to spur redevelopment. As for 211 N Ervay St., it’s got some things going for it in terms of feasibility.
The 1958 building was designed by Dallas-based architect Thomas Stanley, who was known for his modernist glass and steel designs. Fully updated in 2014, its central area zoning permits everything from multifamily and hospitality to modern office formats and mixed-use. The building even comes with a street-level 7-Eleven on a long-term lease. Historic preservation and low-income housing tax credits are also on the table.
“211 North Ervay represents exactly the kind of urban asset we believe in — great bones, irreplaceable location, and multiple paths to long-term value creation,” said Thistle Creek Capital partner Michael Christensen. “With the convention center expansion and continued downtown revitalization, we believe the property is in position for transformative redevelopment.”
