Richards Group sells its Uptown Dallas tower

One of Uptown Dallas’ most visible office towers has sold. The 15-story Richards Group high-rise overlooks North Central Expressway in the Cityplace development at Blackburn Street and was purchased by a partnership of local and New York investors. Built in 2013, the 250,000-square-foot office building was constructed to house the headquarters of Dallas advertising and marketing firm Richards Group. Dallas-based commercial property firm OliveMill Holdings and Hunt Realty Investments teamed up with New York-based Angelo Gordon — a major investor with billions of dollars in real estate holdings in the U.S. and abroad — to buy the Dallas building. The partnership bought the tower from SBR Real Estate Holdings LP, a company set up by the Richards Group to build the headquarters.

Angelo Gordon representatives would not comment on the firm’s plans for the tower. Terms of the deal were not disclosed. The building originally cost $45 million but was most recently valued for taxes at more than $60 million. Richards Group CEO Glenn Dady, who confirmed the sale, said the firm is evaluating whether it will remain in the Cityplace tower. “It’s undecided if The Richards Group will remain in the building as a tenant,” Dady said in a email. “We are currently in talks with the new owners.” Richards Group designed the high-rise with architect Perkins + Will to house more than 600 employees. The city of Dallas provided economic incentives based on the employment numbers. The advertising firm began cutting employees in 2020 after it lost major accounts due to controversial comments by founder Stan Richards. Richards has since left the firm. The decline in Richards Group’s workforce in the Dallas building ended the tax abatements on the property last year. Real estate brokers say the company intends to downsize its office footprint.