A prominent Uptown office mid-rise has traded hands as two East Coast investment firms expand their footprint into North Texas.

Maryland-based real estate private equity firms Montclif and FCP have jointly purchased 2401 Cedar Springs, a seven-story, roughly 200,000-square-foot office building located at the intersection of Maple Avenue and Cedar Springs Road. The venture acquired the property from Fort Worth-based Crescent Real Estate.

While representatives declined to reveal the purchase price, Montclif founding partner Erik Weinberg confirmed the transaction closed Monday. The deed has not yet been filed in county records. The deal marks Montclif’s inaugural Dallas acquisition since the firm launched in April.

Planned Capital Improvements

The new owners plan to inject between $5 million and $10 million into property upgrades. Renovations will focus on overhauling the main lobby, building out a modern conference center, and revamping the lower-level wellness and fitness facilities.

The building, which previously received an architectural update designed by Corgan, currently sits at approximately 60% occupancy. Anchor tenants include commercial real estate brokerage JLL, which maintains its regional headquarters in the building, and Nuri, an upscale Korean-Texas fusion steakhouse occupying the ground floor.

Weinberg pointed to the asset’s strategic location and favorable basis as primary drivers for the acquisition.

“The location sits right at the epicenter of Uptown’s ongoing growth,” Weinberg said. He highlighted the building’s structural quality and noted that acquiring existing inventory allows the partnership to market space at rental rates well below the premium demanded by newly constructed towers.

Brokerage & Deal Team

JLL represented all sides of the transaction. Brokers Jonathan Napper, Bailey Wood, and Rett Daugbjerg represented the seller, Crescent Real Estate. JLL’s Greg Napper and Blake Tyson arranged financing on behalf of the buyers, while Blake Shipley, James Esquivel, and Ashley Curry will oversee leasing under the new ownership.

Broader Dallas Market Trends

The acquisition follows an active wave of commercial trades across the Dallas-Fort Worth metroplex. Recent landmark transactions include Cawley Partners’ purchase of The Centrum in Oak Lawn, Hall Group’s acquisition of 2525 McKinnon Ave., and August Real Estate’s purchase of the historic Meadows Building.

According to mid-July figures from real estate analytics firm CoStar, Dallas-area office availability hit a 10-year high, with roughly 171 properties—representing 10.9 million square feet of space—actively on the market.