An office tower in downtown Dallas, previously intended for conversion but lost to foreclosure, is now on the market. Avison Young is handling the listing for 211 North Ervay, an 18-story building with 185,000 square feet of space. The firm’s Mike B. Kennedy, James Nelson, Erik Edeen and Sullivan Johnston are leading the marketing effort.
The property was originally built in 1958 and underwent renovations in 2014. Its current zoning allows for redevelopment as multifamily housing, hospitality or continued office use. According to Avison Young, the building is nearly vacant and has no listed asking price.
Thistle Creek Capital currently owns the building after acquiring it at a foreclosure auction in February 2024 with an $8 million credit bid—equivalent to $43 per square foot. The previous owner was Kenny Wolfe, founder of Wolfe Investments based in Dallas.
Wolfe had announced his purchase less than a year before losing the property. His financing included a $13 million loan from Thistle Creek and $9 million in equity. He planned to convert the tower into 238 apartment units. Around that time, he also partnered with Bluelofts on a similar project involving the historic Oil & Gas Building in Fort Worth; that building was also lost to foreclosure.
Wolfe’s efforts represented a shift from managing dollar stores and older apartment complexes to attempting complex office-to-residential conversions in cities like Dallas, Fort Worth and Cleveland.
Despite recent challenges with ownership and redevelopment attempts, some experts see potential for converting the property. A study published by the National Bureau of Economic Research along with New York University and Columbia University identified 211 North Ervay as one of fifty buildings in North Texas structurally suitable for conversion.
New York University professor Arpit Gupta stated that 211 North Ervay “met all the criteria” for a conversion candidate, including its location, age and floor plan layout.
