THE OPPORTUNITY
COMERICA BANK TOWER UCC SALE
A sale under the Uniform Commercial Code (UCC Sale) for the ownership interests in the entity or entities that, collectively, directly or indirectly own the Comerica Bank Tower Property in Dallas, Texas, is scheduled to occur on Friday, March 2, 2012 at 11:00 a.m. E.S.T.
LANDMARK, TROPHY OFFICE ASSET
Comerica Bank Tower (the Property) is a landmark, trophy office tower that is strategically situated at the cornerstone of the revitalized Dallas Central Business District (CBD). Impeccably designed and constructed, Comerica Bank Tower is comprised of a 60-story, Class AA office tower with 1.5 million net rentable square feet of superior accommodations. The Property also includes three levels of on-site parking and a separate six-level parking garage, which together provide an above-market parking ratio of 1/1,000 net rentable square feet.
Currently 67.4% leased, Comerica Bank Tower features a prestigious roster of tenants and provides investors with valuable security through long-term leases and minimal near-term rollover. Most notably, the Property serves as the corporate headquarters location for Comerica Incorporated (NYSE: CMA, S&P: A-), which leases a total of 197,835 square feet through September 2023.
Comerica Bank Tower is strategically situated at the heart of downtown Dallas, which continues to experience its most organized and significant wave of development and revitalization. In particular, the neighborhood and properties immediately surrounding Comerica Bank Tower have witnessed a tremendous transformation through the addition of popular retail and dining establishments, modern residential units, and the Main Street Garden—a $17.4-million park that occupies an entire city block directly across the street from the Property.
Offered at a significant discount-to-replacement cost, Comerica Bank Tower presents investors with one of the most compelling real estate investment opportunities available in the nation today.