**Iconic Dallas High-Rise to Revert to Lender**
A prominent skyscraper in downtown Dallas is set to change hands following a foreclosure decision. Building owner Shawn Todd has announced plans to turn over The National — a 52-story high-rise — to lender Starwood Capital Group after being unable to pay off approximately $230 million in debt, according to the Dallas Morning News.
Originally opened in 1965 as the First National Bank Tower, the historic building underwent a major transformation in 2020. Led by Todd Interests, the $460 million redevelopment turned the long-vacant structure into a vibrant, mixed-use property that includes apartments, office space, retail, and the 219-room Thompson Hotel. The revitalization project was heavily supported by the City of Dallas, which contributed $100 million in tax credits.
Despite the investment and transformation, Todd cited rising interest rates, declining downtown property values, and weaker-than-anticipated apartment occupancy as key factors in the decision to allow the building to enter foreclosure. Current tenants are not expected to experience immediate impacts from the change in ownership.
