Jan. 17, 2002 -- The Dallas Exchange Ltd. has bought Carrier Center Dallas, the former Federal Reserve Building in Dallas at 400 South Akard Street.
The buyer paid $7.3 million to purchase the 320,000 square foot building from 360networks in a court-sponsored auction. Dallas Exchange, organized and funded by a group of LayerOne investors including FM Ventures and Texas businessman Jeffery Olyan, outbid two other parties in the auction Dec. 9 and closed the deal on Jan. 8.
LayerOne will manage the seven-story building, which includes a 5,000 square foot "meet me room" for interconnections, as well as three basement levels. As part of the transaction, 360 Networks signed a long-term, full-floor lease to house the companys post-chapter 11 operations. Existing tenants include TXU Communications, Wiltel Communications, Level 3, XO Communications, Time Warner, SBC, MFN, Looking Glass and Universal Access.
The historic building was constructed in 1912, and redeveloped for telecom usage in 1999 by Telecom Real Estate, which sold it to 360networks in August, 2000 as part of a four-building deal. 360networks filed for Chapter 11 protection in June, 2001.
Approximately 100,000 square feet of space is available in the building, according to Alexander Muse of FM Ventures, including a 15,000 square foot finished data center vacated by Verado/First World.
The building will be marketed as a mixed-use technology facility targeting the business continuity needs of Fortune 1000 companies, as well as data center use by federal, state and local governments and continued usage by telecommunications companies.