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Big Deal to Dallas

Big Deal to Dallas based Santander Consumer USA Inc consolidation will bring 700 to 1,000 employees into the central business district

City of Dallas

Santander is majority (65%) owned by Banco Santander concentrating on auto financing (such as CarMax) and consumer lending. It has been noted a number of Banco Santander’s North Texas subsidiaries will consolidate within up to 400,000 square feet of office space at Thanksgiving Tower.

Thanksgiving Tower located at 1601 Elm in downtown Dallas was purchased by Woods Capital in July of this year Thanksgiving Tower is currently 55% occupied but Woods Capital will be doing roughly $20 million in deferred maintenance.  This deferred maintenance updating will bring the building into what lessee’s want in a building of this type.

Initially Santander will start with around 200,000 square feet of the 50 story buildings 1.4 million square feet.  The consolidation by Santander will probably begin in mid-2015 after all the deferred maintenance has been completed.

The ‘Big Deal’ here is it has been a long time since a deal of this size  has been seen in Dallas and North Texas.  John Crawford CEO of Downtown Dallas, Inc an advocacy group has had a busy summer and the Santander consolidation needless to say was a big part of the summer calendar.

The downtown Dallas market place is an excellent dollar per square foot value for large square foot tenants.  We’ll probably be seeing more of these type of transactions in the future as the economy continues to jump start itself.  If you’re an employee of Santander Consumer USA Inc and would like to conveniently live close to 1601 Elm try these home searches for Uptown condos under 500K and Uptown condos over 500K.

About Jerold Smith

From 35 years in the corporate world to a full-time Broker & REALTOR® for the last 15 years, I know real estate. I share my extensive knowledge and expertise with buyers, sellers or investors, personally. I am a NATIVE TEXAN and know the local market better than anyone else. Any questions? Just ask.

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