Charter Holdings Buys Woodall Rodgers

In early January, Charter Holdings, a local real estate development and management company, acquired the office building at 1845 Woodall Rodgers Freeway in Dallas. The 17-story Woodall Rogers Tower contains 147,934 square feet of Class-A space. Dallas investment firm Cottonwood Partners sold the 16 year-old asset after owning it for 4 years. The building fetched approximately $14 million, or $95 per square foot; Cottonwood Partners was represented internally in the sale. Ray W. Washburne, a local businessman, heads Charter Holdings and confirmed that he has also signed Advancial Federal Credit Union to a 30,000-square-foot lease on the tower's 13th and 14th floors. The space will be the new tenant's national headquarters, and a bank lobby and drive-thru will be developed in the building. Also, Advancial will have its name on the building. The new owner was represented in the transactions by Wayne Swearingen of Vector Project Services, King Laughlin of King Laughlin Manangement Co., and Tod Fobare of Fobare Commercial. Fobare will also be the new leasing company for the office building.