A Stemmons Freeway office tower is set to sell to the City of Dallas.
The Dallas City Council will vote Wednesday on whether to pay more than $14 million for the Ricchi Tower at 7800 North Stemmons, near Mockingbird Lane and Love Field. The building of northwest downtown would be used for “city services and operations,” according to the City Council agenda.
Built in 1981, the 11-story office tower contains about 229,000 square feet of space and has an attached parking garage.
It’s owned by Dallas-based investor Ricchi Group and is now occupied by a variety of business tenants.
City documents said revenue from existing tenant leases will go toward operational and maintenance costs for the property.
The Ricchi Tower is just the latest Stemmons office property to recently change hands.
In December, Dallas’ J. Small Investments acquired the 10-story former Trinity Industries tower at Stemmons and Medical District Drive near the UT Southwestern medical district. The 125,000-square-foot office tower at 2525 North Stemmons was built in 1974.
J. Small Investments is the same firm converting the former Exxon Mobil office tower and surrounding buildings on Stemmons into a biomedical research and nonprofit business center.
And in October, Milwaukee-based Hammes Partners purchased the 20-story Trinity Towers at Stemmons and Inwood Road.
In June, Boston-based Albany Road Real Estate Partners bought the One Mockingbird Plaza at 1420 W. Mockingbird Lane near Stemmons. Albany Road earlier in the year acquired a nearby office at 1250 W. Mockingbird.