Drever Capital Acquires 50-Story Downtown Dallas Skyscraper

DALLAS — Drever Capital Management has acquired 1401 Elm St., a 50-story office tower in downtown Dallas. The property was bought out of bankruptcy. The building will be renovated into 335 rental apartments, a 225-room luxury hotel and spa, multi-level retail shops and restaurants. The iconic building was constructed in 1965 by oilman H.L. Hunt for the First National Bank of Dallas, and was designed to look like a banker’s pinstriped suit. It was also the fictional leather-floored office of J.R. Ewing of the “Dallas” TV series. The 1.5 million-square-foot landmark, vacant for the last five years, was sold by a partnership between New York-City based Olympic Property Partners and BDRC Partners, a Dallas-based development company. Drever Capital has appointed Dallas-based Andres Construction as construction manager. There are 450 underground parking spaces at 1401 Elm and another 450-plus spaces will be added by converting four of the bank’s storage floors to parking.