It looks like DFW will soon be facing the end of an era, as a landmark building in downtown Dallas is set to be sold at foreclosure. Bryan Tower is scheduled to be sold on June 1. The 40 story skyscraper has been a part of the area since 1973.
Known for its distinctive gold-tinted windows and the steel beams that run up and down the building, Bryan Tower has seen a decline in occupancy over the last year, since the loss of their largest office tenant, hospital company Baylor Scott & White. The building at Bryan and Harwood has since fallen to about 35% occupancy, and has been in default on its debt ever since. “Whereas a default has occurred in the payment of the indebtedness and such default has not been cured,” the filing reports.
According to Dallas Morning News, the building’s owners, Spire Realty, will now work to either refinance or sell the 1.1 million-square-foot office building. Bryan Tower was one of the first high rises in DFW to incorporate reflective glass, and has become a landmark over time. Soon, it will have new owners as a new era begins.