The lender has taken ownership of The National, a 52-story mixed-use skyscraper in Dallas’ central business district, records show.

Ownership reverted to Starwood Property Trust, an affiliate of Starwood Capital Group, following a foreclosure auction on the steps of the George Allen Courts Building Tuesday. The listed purchase price was $207 million. Existing debt was used to buy the building.

Attempts to contact Starwood before publication were not returned. Dallas developer Shawn Todd, the building’s previous owner, could not be reached for comment.

The foreclosure and Starwood’s acquisition of the tower at 1401 Elm St. was expected.

In an exclusive interview last month, Todd told The Dallas Morning News that he owed roughly $230 million to Starwood. The lender filed the foreclosure in early January, and Todd said he would not fight the proceedings.

Todd cited high interest rates and lower downtown property values as reasons for the foreclosure. He previously said occupancy in the apartments had fallen below 80%.

Todd said he refinanced with Starwood three years ago, but talks with the lender weren’t enough to save the property from foreclosure.

“With our debt balance, the interest rate environment and property values downtown … We don’t see a path to us recouping our remaining equity,” he said. “We’ve been committed to downtown. We’ve been committed for 20 years. In 35 years, our firm has never lost money — this is the first year that it’s happened.”

Todd and his firm Todd Interests invested more than $460 million in a redo of the former National Bank Tower.

The midcentury tower set empty for a decade before it underwent one of the largest urban restoration projects in the nation. The 1.5 million-square-foot office tower became a combination of apartments, hotel rooms, retail, restaurants and office.

Todd touted the deal in 2019 as the “largest historic tax credit deal in Texas.”

The developers got $100 million in historic tax credits and $50 million in Dallas tax increment financing that made the project viable.

“The values aren’t there. That’s the main reason,” Todd previously said of the foreclosure. “The loan is due, and we’re not going to continue to pay.”

It’s unclear what Starwood plans to do with the property. All six restaurants, including the Italian steakhouse and seafood spot Monarch, will remain open.

Opened in 1965, the downtown skyscraper was designed by noted Dallas architects George Dahl and Thomas Stanley. It was the largest vacant building in North Texas when it closed in 2010.

It was the last of the city’s great skyscrapers to be repurposed, according to previous News reporting.

The foreclosure sales come just months after Todd’s firm offloaded its entire share of the 20-acre East Quarter development on the eastern edge of downtown to partner J.P. Morgan Asset Management for an undisclosed sum.

Todd Interests has been behind some of the city’s preeminent redevelopments. In addition to The National, the firm was behind the $300 million renovation and rebranding of Dallas’ Energy Plaza into The Sinclair.

The Dallas Mavericks have a few veterans they would like to trade before Thursday afternoon’s deadline, but they’re having trouble doing so. While some players like Naji Marshall have value, and teams have expressed interest, there is one team that the Mavericks will not deal with at all, per Dan Woike of The Athletic: the Los Angeles Lakers.

︀︀“Naji Marshall has also generated interest around the Lakers, though the pathways to any deal with the Dallas Mavericks after the Luka Dončić trade last season have gigantic ‘road closed’ signs all over them. The same is probably true for Daniel Gafford,” Woike wrote.

Obviously, last year’s wildly horrible trade between the Mavs and Lakers involved sending Luka Doncic to LA for Anthony Davis, Max Christie, and a 2029 first-round pick. As soon as the trade was made, everyone was aware of how badly the Lakers fleeced the Mavericks. And it’s only gotten worse since.

Davis has played in just 29 regular-season games since that trade, having dealt with four major injuries since then. Max Christie has been a fine player, but hardly worth trading Doncic for. And the one first-round pick was the biggest egregious mistake. We just saw Jaren Jackson Jr. traded for three first-round picks and two players who were recently first-round picks. Desmond Bane went for four first-rounders over the offseason.

READ MORE: Five Burning Questions After Mavericks Trade Anthony Davis to Wizards

Anthony Davis Was Finally Traded, But That Doesn’t Change Prior Mistakes

The Mavericks were finally able to trade Davis on Thursday to the Washington Wizards for the underwhelming trade package of expiring contracts and some draft capital, but it’ll likely turn out to be one first-round pick and four second-rounders. The 2030 pick that is coming from the Warriors is top-20 protected, and the Steph Curry era will be over by then. Unless they trade for Giannis Antetokounmpo or get lucky on some of their coming draft picks, that pick is going to be in the top-20, and it would become a second-round pick after that.

Given how poorly the Mavericks were fleeced by the Lakers in the past, it’ll be years until they’re ready to trade with them again unless they’re willing to send back Luka Doncic. But he could also be a free agent in 2028, and every Mavs fan has that year circled.

READ MORE: Instant Trade Grades After Mavericks Send Anthony Davis to Wizards

Stick with MavericksGameday for more FREE coverage of the Dallas Mavericks throughout the 2025-26 season

Follow MavericksGameday on Twitter and Austin Veazey on Twitter

More Dallas Mavericks News

• 3 Overreactions as Luka Doncic leads Lakers to Late Rally Over Mavericks

• Mavericks Legend Dirk Nowitzki ‘Not Worried’ About Cooper Flagg’s Biggest Weakness

• Conflicting Reports Surface of Anthony Davis Trade Demand Away From Mavericks

• Mavericks’ Cooper Flagg Earns Rave Reviews From NBA Executives