Adolfson & Peterson Completes Dallas Office to Retail Conversion
Why this matters
Office continues to trade in two distinct markets: trophy assets in walkable submarkets that are leasing at or near record rents, and commodity Class B and C buildings where the basis is still resetting. Underwriting on the latter has moved toward replacement-cost-minus, with credit underwriting now leaning on tenant covenant and remaining lease term rather than mark-to-market expectations. Dallas-Fort Worth continues to absorb the largest multifamily delivery pipeline in the country. Industrial along the I-35 corridor is clearing at competitive basis, and selective office is finding bids at deep discounts to replacement. For LP-positioned capital, the read-through is that the bifurcation is now a structural feature of the sector, not a cycle to wait out.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
- The 98th Dallas story tracked on the wire in September 2026. All Dallas coverage →
- Disclosed office deal value tracked in September 2026: $13.9B across 67 reported transactions. All Office coverage →
Computed from Real Estate Trail’s own tracked coverage
Adolfson & Peterson Construction (AP) recently completed the shell construction of The Seam, Asana Partners’ 160,000-square-foot upscale shopping and dining destination in Dallas’ Design District. Construction began i…
External link. Real Estate Trail does not republish source content.
Related coverage — Dallas · Office
Buchanan Acquires Dallas Office Tower
Buchanan Capital Partners purchased the Churchill Tower, a 277,268-square-foot Class A office tower in Dallas’s Park Central submarket. TXRE was the seller. The 12-story tower is located at 12400 Coit Road. Buil…