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.

Torose Equities and Sabal Investment Holdings unloaded a boutique office building in Miami’s Coconut Grove neighborhood for $61 million, the joint venture announced.

Azora Private purchased the seven-story property at 3480 Main Highway, which faces the Barnacle Historic State Park and is about 5.5 miles southwest of Downtown Miami. The 68,031-square-foot building, which holds about 55,000 square feet of rentable space, is fully leased, according to a representative for the sellers. 

SEE ALSO: SoHo Retail Rents Hit Decade-Long High, Lead Manhattan: Report

Office tenants include Ridgeback Biotherapeutics, real estate firm Longpoint Realty Partners, and private equity firm Redbird Capital Partners. Restaurants Amal and Level 6 operate outposts on the ground floor and the rooftop.

Last year, Torose Equities and Sabal Investment Holdings gained control of the asset by buying a $32.5 million mortgage from Madison Realty Capital, which fell in UCC foreclosure. CGI Merchant Group owned about $4.7 million in debt tied to the building, which was completed in 2019.

“We recognized the opportunity to acquire a well-located, fully-occupied asset below replacement cost and reposition legacy leases to current market rates,” Scott Sherman, founder and principal of Torose Equities, said in a statement. “The strong investor demand for quality office assets in this submarket validated our thesis and allowed us to deliver exceptional returns to our investors.”

The purchase adds to Azora Private’s Coconut Grove’s office portfolio. Last year, the Madrid-based real estate investment firm bought both the seven-story building at 3225 Aviation Avenue and the four-story building at 3250 Mary Street for a combined $82 million, The Real Deal reported. 

The neighborhood has emerged as one of the most coveted areas in Miami with wealthy executives, who typically want to work near where they live. In the past few months, Google’s billionaire co-founder Larry Page has spent nearly $200 million on estates in Coconut Grove.

A representative for Azora Private did not immediately respond to a request for comment.

Julia Echikson can be reached at jechikson@commercialobserver.com. 

ATLANTA – From live music and theater to family-friendly festivals and immersive exhibitions, metro Atlanta and North Georgia are packed with ways to get out and explore this weekend. Here’s a look at some of the best things to do around the region.

RELATED LISTS

Fulton County (Atlanta)

Arnez J
Feb. 5–7
City Winery Atlanta, Atlanta
Comedian Arnez J brings his high-energy stand-up to City Winery, following his run as host of BET’s Comic View and the release of his comedy special Not Gonna Stop.

Romeo and Juliet
Feb. 7–March 1
Shakespeare Tavern Playhouse, Atlanta
The Atlanta Shakespeare Company presents its 23rd anniversary production of Shakespeare’s tragic love story of feuding families and young love.

Virginia Highland Mardi Gras
Feb. 7
Virginia Highland, Atlanta
Virginia Highland launches its first Mardi Gras celebration with a festive parade followed by a party featuring live music from Wasted Potential, vendors, face painting, beads, and food and drinks.

“Harry Potter and the Deathly Hallows — Part 2 in Concert”
Feb. 6–8
Atlanta Symphony Hall, Atlanta
Justin Freer conducts the Atlanta Symphony Orchestra performing Alexandre Desplat’s score live as the full film is shown in high-definition on a 40-foot screen.

DSC Convention & Sporting Expo
Feb. 6–8
Georgia World Congress Center, Atlanta
Discover innovative outdoor and sporting gear while connecting with a passionate community working to protect wildlife and support conservation, education and advocacy efforts.

Atlanta Oyster Festival
Feb. 7
Park Tavern, Atlanta
Atlanta’s popular oyster festival returns with fresh oysters, craft cocktails and live music at the Midtown beer garden.

“Riverdance”
Feb. 6–8
Fox Theatre, Atlanta
The iconic show marks its 30th year with refreshed choreography, costumes and cutting-edge lighting and projection.

SCAD TVfest
Feb. 4–6
Midtown Atlanta, Atlanta
Go behind the scenes of television with panels and conversations featuring actors, writers, directors and producers at multiple Midtown locations.

“BLKS”
Through Feb. 14
Out Front Theatre Company, Atlanta
This play explores the lives of three 20-somethings navigating identity, friendship and love as queer Black women in New York City.

Serial Killer: The Exhibition
Opens Feb. 7
Pullman Yards, Atlanta
A research-driven exhibition featuring certified artifacts connected to serial killers worldwide, offering insight into criminal psychology and history.

Blazing Light: Photographs by Mimi Plumb
Feb. 6–May 10
High Museum of Art, Atlanta
More than 100 photographs explore environmental, social and political change across the American West.

F1 Arcade Grand Opening
Friday–Sunday
F1 Arcade Atlanta, Atlanta
Race family and friends on state-of-the-art F1 simulators (ages 7 and up), with food and drinks available. Guests under 21 are welcome until 7 p.m. daily.

Gwinnett County

Atlanta Brick Con
Saturday–Sunday
Gas South Convention Center, Duluth
Celebrate everything Lego with fan-built creations, hands-on building zones, games, speakers, character meet-and-greets and a 125-foot Lego RC off-road course to race on.

Lunar New Year Celebration
Feb. 7
Lawrenceville Arts Center, Lawrenceville
Aurora Children’s Playhouse hosts a Lunar New Year celebration featuring traditional Chinese music and dance by the Atlanta Chinese Dance Co., with opportunities for kids and families to participate.

Cobb County

The Ultimate RV Show
Feb. 5–8
Cobb Galleria Centre, Atlanta
Explore more than 150 fully staged RVs, a kids zone, on-site pet adoptions and the latest camping gear and show-only deals.

Love Is King Tour with Gregory Porter
Feb. 6
Cobb Energy Performing Arts Centre, Atlanta
Grammy-winning jazz vocalist Gregory Porter brings his soulful sound and acclaimed catalog to the stage as part of his Love Is King tour.

DeKalb County

Pajama Concert – Musical Bedtime Stories
Feb. 6
Michael C. Carlos Museum, Atlanta
The Emory Chamber Music Society invites families to a cozy evening of music featuring bedtime stories set to works by Vivaldi, Debussy and Dvořák, performed by the Vega Quartet and pianist William Ransom. Hot chocolate and marshmallows are served before the concert, and pajamas are encouraged.

Emory Jazz Fest
Feb. 5–7
Schwartz Center for Performing Arts, Atlanta
Emory’s annual three-day jazz festival features artist demonstrations, a jazz clinic and concerts, with acclaimed vocalist Denise Thimes headlining.

Planet Ice at Fernbank
Feb. 7–May 3
Fernbank Museum of Natural History, Atlanta
Travel through Earth’s chilling past in this immersive exhibition exploring how ice has shaped landscapes and driven remarkable adaptations that allowed life to survive in an unforgiving world.

“Peter and the Wolf”
Feb. 8
Decatur Presbyterian Church, Decatur
The DeKalb Symphony Orchestra presents Prokofiev’s “Peter and the Wolf,” featuring dancers from the Decatur School of Ballet and narration by Robert Shaw-Smith, along with selections from Grieg, Mozart and Beethoven.

Fulton County (Sandy Springs)

Toast & Jam Jazz Brunch
Feb. 8
Sandy Springs Performing Arts Center, Sandy Springs
Pianist Joe Alterman’s jazz brunch series continues with guest singer-songwriter Jesse Ruben.

Fulton County (Alpharetta)

Alpharetta Symphony
Feb. 6
Innovation Academy Auditorium, Alpharetta
The orchestra celebrates America’s 250th birthday with Revolution, featuring works by Elgar, Holst, Copland, Gershwin and Bernstein.

8th Annual Alpharetta Polar Bear Plunge
Feb. 7
Wills Park Pool, Alpharetta
The Rotary Club of Alpharetta’s Polar Bear Plunge brings together local groups to raise money for charitable causes.

Cobb County / Marietta

Movies at the Strand: “To Kill a Mockingbird”
Feb. 8
Earl and Rachel Smith Strand Theatre, Marietta
Watch the classic film starring Gregory Peck, with a free Mighty Allen Theatre Organ preshow beginning 30 minutes before the screening.

DeKalb County / Avondale Estates

Nigel Wearne
Feb. 6
Commune Wine Bar, Avondale Estates
Australian country blues and Americana-noir singer-songwriter Nigel Wearne performs an intimate set at the wine bar and listening room inside Olive & Pine.

Fulton County / Roswell

Dad’s Garage BlackGround
Feb. 7
Roswell Cultural Arts Center
Atlanta’s Dad’s Garage brings its all–African American comedy troupe to Roswell for a hilarious, culture-forward show imagining what Black characters were doing behind the scenes of classic movies.

COMING UP

Giselle
Feb. 13–15
Cobb Energy Performing Arts Centre, Atlanta
This classic ballet, last performed by Atlanta Ballet in 2022, tells the enduring story of love, betrayal, and forgiveness.

Hearts and Harmony Gala
Feb. 13
Atlanta Athletic Club
The annual Hearts and Harmony Gala kicks off the symphony’s 19th anniversary season with live music, dining, dancing, raffles, and an auction.

The Princess Bride
Feb. 13
SCAD Atlanta, Midtown
Join SCADshow for sweet treats and a free screening of the beloved classic The Princess Bride.

Lunar New Year Festival
Feb. 14-March 1
Stone Mountain Park, Stone Mountain
Celebrate the Year of the Horse with a drone show, parades, cultural crafts and dance exhibitions.

Broadway Sideways
Feb. 15
The Breman, Atlanta
Voices of Note presents a lively concert that joyfully upends traditional casting, gender roles, and expectations on Broadway.

If you would like to submit an item for a future list, send an email to joyce.lupiani@fox.com.