Iconic Skymark Tower in Arlington facing foreclosure

Posted Wednesday, Jul. 17, 2013  comments  Print Reprints

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Skymark Tower, the iconic nine-story pyramid-topped office building along Interstate 30 in Arlington, is facing foreclosure.

U.S. Bank has posted the property at North Cooper Street for the Aug. 6 foreclosure sale in Tarrant County, saying the group of investors from Florida, Switzerland and London who bought the building in 2006 has defaulted on a $10 million note.

John Carter, a vice president with Carter & Associates in Tampa, Fla., who is listed on deed records as the owners’ representative, could not be reached for comment Wednesday.

The current owners bought the 115,700-square-foot property, once a premier business address in Arlington, for $12.3 million from U.S. Office Holdings, according to deed records.

Skymark Tower was built in 1986 at the height of a Texas real estate boom and has since had a series of owners and setbacks. This foreclosure posting is not its first.

The building was developed by Hugh Moore, who filed for bankruptcy in 1987 after he couldn’t secure any leases. The building was taken over in an October 1987 foreclosure by First Federal Savings of Arkansas.

In 1988, First Federal spent $1 million on renovations and staged an aggressive leasing effort that landed some tenants. Highway access to the property improved when a ramp was built at Cooper Street.

The building was sold in June 1992 by the Resolution Trust Corp., which acted as receiver for First Federal, to Dallas-based Amstar/First Capital Partners.

In 1996, First Capital sold it to U.S. Office Holdings, a partnership controlled by Gaedeke Group in Dallas, an investment, acquisition and portfolio management services firm.

The building has undergone several renovations, including the costly replacement of the original mirrored windowpanes that discolored over the years. Four years ago, owners spruced up the building by replacing the exterior white halogen lights with energy-efficient changeable colored lights that illuminate only the pyramid top.

This report includes material from the Star-Telegram archives.

Sandra Baker, 817-390-7727 Twitter: @SandraBakerFWST

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