Downtown Dallas skyscraper threatened with foreclosure sale

One of downtown Dallas’ largest skyscrapers is facing foreclosure — the largest foreclosure filing in the Dallas area since the start of the COVID-19 pandemic.

The 56-story Renaissance Tower — best known for its double X lighting and decorative towers on top — is owned by a New York investment group. It was the tallest building in Dallas when it opened in 1974, and it’s the second-largest downtown building in terms of office space, behind only the 72-story, 1.8 million-square-foot Bank of America Plaza.

The 1.73 million-square-foot skyscraper has been for sale for several months and is only about 65% leased.

Renaissance Tower is facing foreclosure after defaulting on loans, according to reports from real estate information service Costar.

Since 2006, the Elm Street building has been owned by a partnership headed by New York-based Moinian Group and SMA Equities.

The owners got $118 million in new financing for the tower in 2017.

The Dallas office of commercial property firm Newmark Knight Frank has been marketing the landmark skyscraper to potential buyers.

Office leasing has suffered this year with most companies keeping their workers at home.

The foreclosure filing doesn’t necessarily mean the building will be sold by lenders to repay the debt. Such filings are common as property owners and lenders attempt to renegotiate loans or arrange new funding.

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