- Woods Capital’s 2100 Ross, a 33-story office tower in the Dallas Arts District, has been posted for an Oct. 6 foreclosure auction.
- The 840,000-square-foot building carries a $98 million loan from Wells Fargo originated in 2016, and the owner could still reach a deal with the lender before the sale.
- The filing adds pressure to downtown Dallas’ office market, which is bracing for AT&T’s move to Plano even as parts of the Arts District draw fresh capital.
Woods Capital’s 2100 Ross, a 33-story office tower in downtown Dallas, has been flagged for foreclosure ahead of the Oct. 6 auction, according to The Real Deal, citing Roddy’s Foreclosure Listing Service. The firm allegedly defaulted on a $98 million loan tied to the building, making it the latest Dallas office foreclosure in a struggling urban core.
Owners sometimes work out a deal with the lender before the sale date, and that remains possible here. Woods did not respond to The Real Deal’s request for comment.
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A Tower With a Foreclosure History
This wouldn’t be the building’s first trip through distress. In 2012, Atlanta-based Cousins Properties bought the tower out of foreclosure for $59 million.
Cousins then renovated the building in 2014. It later leased the tower to 90% occupancy, The Dallas Morning News reported at the time.
Cousins sold the property in 2015 to billionaire Thomas Dundon for $131 million. However, Dundon sold the tower after the 2019 collapse of the Alliance of American Football. He had served on the league’s board.
The Details
The 840,000-square-foot building at 2100 Ross Ave. was completed in 1982. Wells Fargo provided the financing tied to the tower in 2016.
Downtown’s Two-Speed Market
Downtown Dallas has lost office tenants to Uptown for years. In addition, AT&T’s Plano exit, announced in January, will leave a nearly 2 million-square-foot hole in the submarket.
However, the Arts District has been an exception. Its proximity to Klyde Warren Park and Uptown has helped the area.
More recently, Los Angeles-based Regent Properties secured a $406 million conduit loan. Wells Fargo and Morgan Stanley provided the financing for the 50-story Trammell Crow Center, the Dallas Business Journal reported.
Why It Matters
Woods Capital is one of downtown’s most visible boosters. Its subsidiary, Pacific Elm Properties, converted the 1980s-era Santander Tower into apartments, offices, and a hotel.
Meanwhile, PacElm is building Parkside Uptown. The 30-story project spans 500,000 square feet and will become the future home of Bank of America.
The project is also an anchor of Y’all Street. Still, distress at 2100 Ross shows that an Arts District address cannot fully shield an older tower from downtown’s challenges.
What’s Next
The Oct. 6 auction gives Woods and Wells Fargo less than two weeks to reach a workout. Meanwhile, Jonas Woods handed leadership of PacElm to Billy Prewitt about a year ago.
Woods remains CEO of Woods Capital. Therefore, any resolution will come from the parent firm rather than its development arm.
