DALLAS – The investors who acquired downtown Dallas’ 37-story AT&T Plaza last summer are now marketing a majority stake in the property, offering up to 90 percent ownership, according to CBRE executive John Alvarado.
Located at 208 S. Akard St. at Commerce Street, the 935,000-square-foot tower has served as AT&T’s world headquarters since 2008 and remains leased to the company through 2031. The building’s long-term corporate tenancy provides a stable income stream that makes a significant equity stake attractive to institutional investors and private buyers looking for core office assets with strong credit backing.
The ownership group that purchased the tower consists of Dundon Capital Partners and Woods Capital. They acquired the property from a group led by Carl Icahn in a transaction valued at roughly $250 million. Now, less than a year after the purchase, the partners have engaged marketing efforts to sell a large portion of their interest, signaling either a shift in capital strategy or an opportunity to bring in new partners to help fund further investments in the asset and surrounding campus improvements.
Campus transformation and public-focused amenities
AT&T is investing approximately $100 million to transform its adjacent four-block campus into a more pedestrian-friendly, amenity-rich environment. The planned upgrades are designed to enhance the campus for both employees and the broader public, knitting the building into the urban fabric of downtown Dallas and increasing the location’s appeal to tenants and visitors alike.
Key features of the redevelopment include a substantial expansion of restaurant and retail offerings—about 40,000 square feet in total—intended to activate the streetscape and draw consistent foot traffic. Plans also call for a proposed two-story food hall with balcony dining, which would provide a centralized dining destination and flexible space for pop-ups, events, and local vendors.
Beyond food and retail, the revitalization aims to create outdoor gathering and performance areas that can host concerts, community events, and public programming. The campus design will prioritize pedestrian-only access across several blocks, promoting walkability and public use of the open spaces. Added landscape elements include a water garden that will contribute aesthetic and environmental value, creating a more inviting microclimate at street level.
In a bold architectural and experiential move, the project envisions a six-story video wall facing Commerce Street. That large-scale digital installation is intended to serve as both an artistic focal point and an urban billboard for community announcements, cultural displays, or tenant branding, further enhancing the campus’ visibility and role as a downtown destination.
Market context and investor considerations
Office towers with long-term, single-tenant leases to high-credit tenants like AT&T remain of strong interest to certain classes of investors despite broader office-market uncertainty. The lease through 2031 provides clarity around cash flow, though prospective buyers assessing a majority stake will weigh factors such as the tenant’s future space needs, potential subleasing risks, and the evolving dynamics of downtown office demand.
Bringing in new equity through the sale of up to 90 percent of the building could be intended to refinance the initial purchase, fund the ambitious campus upgrades, or rebalance risk among a larger investor base. For local businesses and residents, the transformation of the AT&T campus promises to deliver a mix of retail, dining, cultural programming, and public spaces that aim to make downtown Dallas more vibrant and walkable.
As the marketing process proceeds, stakeholders—including the city, neighborhood groups and prospective investors—will be watching how the planned investments are phased and how the space is activated once upgrades are completed. Successful implementation of the campus vision could not only increase the property’s asset value but also contribute meaningfully to downtown Dallas’ economic and social life.