First United and Woodbine Development announce acquisition of Advancial Tower

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DALLAS – First United Bank, in a partnership with Woodbine Development Corporation, has announced the acquisition of the Advancial Tower in Dallas.

Located at 1845 Woodall Rogers Freeway, Advancial Tower is a 17-story, 147,000-plus square-foot, Class-A office building in the heart of Uptown Dallas with sweeping views in every direction. Boasting convenient access to Uptown’s walkable amenities, including The Union mixed-use development and the American Airlines Arena, the tower will also reap the benefits from the Klyde Warren Park expansion set to begin this year—making it ideal for professional users who want to capitalize on a live/work/play environment.

Advancial Towerwill soon serve as the Dallas headquarters for First United Bank. The building is also footsteps from Woodbine’s downtown Dallas headquarters.

“Partnering with Woodbine and acquiring this building is an important step for First United and serving our customers,” said Ryan Suchala, Dallas Market President at First United. “An investment like this demonstrates our commitment to Dallas and our great team of bankers.”

Woodbine has traditionally invested in hotels and destination resort assets; however, when the opportunity to acquire the office building directly across from their headquarters presented itself, they moved quickly—finding a partner in First United. Leveraging their expertise in hospitality, Woodbine is looking to create a tenant experience that rivals the guest experience at an upscale, full-service hotel, which will likely feature an enhanced valet arrival, executive car transportation, concierge services, front desk personnel and more.

Woodbine and First United are long-term owners and would like to recruit a curated group of tenants to include a good mix of professional service corporations, entrepreneurial companies, and creative tenants who will value the significant investment that Woodbine intends to make to the building.

President and CEO of First United Greg Massey said that First United will build out a one-of-a-kind Spend Life Wisely bank lobby for its space within Advancial Tower. The First United space will include innovative and collaborative elements such as a coffee and learning lounge, a tech table, and a community room that will be available to the public. The bank itself will also include corporate and commercial real estate lending, wealth management, insurance, and mortgage teams to better serve the needs of First United customers.

Sarah Hinkley of Thirty-Four Commercial said, “Our leasing team is excited about the new ownership, the improvements they will make to the building, and their concierge approach to serving our

tenants. Woodbine’s background in development and asset management coupled with First United Bank’s financial strength will be unique to office ownership. We love long-term owners who take the time to invest in their asset and pay attention to the details.”

First United’s purpose is to “inspire and empower others to spend life wisely” through a holistic approach to life that encompasses Faith, Financial Well-Being, Health and Wellness, and Personal Growth. Learn more at spendlifewisely.com.

ABOUT FIRST UNITED BANK:

Established in 1900, First United is one of the fastest growing independent banks in the Dallas/Fort Worth area. Serving 56 communities, with more than 85 bank, mortgage and insurance locations throughout Texas and Oklahoma, it is one of the largest, well-capitalized banking organizations in the Southwest with assets of more than $7 billion. It is also among the largest privately held community banking organizations in the U.S. First United provides a full range of financial services including banking, mortgage, insurance, and investment products and services, with the First UnitedMortgage group being recognized as one of the top 5 mortgage originators in the state of Texas.First United is dedicated to inspiring and empowering others toSpend Life Wisely®. Learn more atfirstunitedbank.com

 

About Woodbine Development Corporation
Woodbine Development Corporation is a full-service real estate company with more than 45 years of development, investment, acquisition and asset management experience. With offices in Dallas, Phoenix and Los Angeles, Woodbine specializes in hotels, resorts and mixed-use developments throughout the United States. The company’s hospitality portfolio features major brands, independent hotels, full-service destinations and select-service stays alike. Since 1973, Woodbine has been involved in more than $7 billion in commercial real estate projects, including the development, ownership, asset management, repositioning or renovation of over 17,000 hotel rooms. Learn more atwww.woodbinedevelopment.com.

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