The owner of Burnett Plaza spent more than $7 million upgrading the downtown property after prior owner Shaya Prager racked up $1.6 million in liens related to Cowtown’s tallest tower.
Andy Hansen has invested $7.3 million into the renovation of the 40-story tower at 801 Cherry Street since buying it from Pinnacle Bank less than a year ago, he told the Dallas Business Journal. Pinnacle Bank gained control of the building after foreclosing on it when it was owned by Prager’s New York-based firm Opal Holdings.
Hansen, a developer from Stephenville and owner of Trafalgar Homes, has replaced the 40-year-old building’s HVAC system, fire panels and fire pumps as well as completed exterior repairs. He’s planning to start lobby renovations in the next few weeks.
“What we wanted to show was we’ve put enough dollars and love into the building that it’s obvious that we’re here to stay,” Hansen told the outlet.
Since buying Burnett Plaza in September 2024, Hansen has boosted the tower’s occupancy to 84.4 percent from 78.6 percent. The 1-million-square-foot building has seven newly renovated spec suites available. They range in size from 2,100 to 4,500 square feet.
The building’s largest tenant is GM Financial, which takes up about 10 floors.
Meanwhile, an ongoing legal dispute stemming from Prager’s ownership era could wrap up soon.
Tarrant County Construction Services sued Prager in March 2024, claiming he owes the firm $1 million for work on the building. Entities associated with Prager made a settlement offer earlier this month.
Prager-controlled Burnett Plaza Holdings purchased Burnett Plaza in 2021 for $137.5 million. Pinnacle acquired the building in a May 2024 foreclosure auction with a $12.3 million credit bid. In taking over the building, Pinnacle also absorbed the building’s $68 million senior loan.
—Jess Hardin
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