One and Two Oak Lawn
One and Two Oak Lawn, formerly known as Lee Park Towers, was a two-building, 120,878-square-foot, Class B office complex located in the Uptown submarket of Dallas. Our initial plan was to inject capital into the building and reposition it to increase occupancy and rents. Uptown was the premier submarket in Dallas, a true 24/7 work, live and play environment with more than 10.5 million square feet of office space, containing 26 multifamily projects which total more than 7,000 units and extensive retail and hospitality space to support these other uses. When COVID-19 struck, society was forced to relocate away from shared offices, which made selling appealing properties like One and Two Oak Lawn very difficult. Ultimately, after a few contracts that fell through as a result of the pandemic, we were able to sell in October 2021 for a price that was only 6% less than the pricing established prior to the onset of COVID-19. Building valuations have decreased more than 6% since pre-COVID, so this allowed us to preserve the best possible pricing given the market environment.