The former Ryan International Airlines building at 266 N. Main St., which was built for Southwestern Bell in the late 1960s, sold.
“It’s a very unique building,” says Simon, a broker with Landmark Commercial Real Estate who handled the sale. “It’s like a bunker.”
The approximately 54,000-square-foot building has 14-inch walls and can withstand 200-mile-an-hour winds. Though it’s only two stories, it is built to hold six.
“If there’s a storm, there’s no breakage in coverage,” Simon says.
A contractor and some other investors are the ones who bought it, though.
Tom Schmeidler of SBA Construction, his brothers and another investor purchased the property out of foreclosure.
“It has potential to become a very, very good building again,” Schmeidler says. “It’s in the best part of downtown that you could hope for for an office building.”
When Rubloff Jet Express purchased Ryan in 2004, it acquired the building.
“They’re not usually in the business of buying office buildings,” Simon says.
Rubloff hired Simon about two years ago to help lease the building. Simon says he was close to signing the Department of Defense and the Small Business Administration last summer when Rubloff, which owns a number of shopping centers, encountered financial difficulties.
“They were struggling with a lot of properties,” Simon says.
Though the building had gone into receivership and Simon wasn’t able to lease to new tenants, he was able to help sell the building.
Complicating the deal was an IRB that Ryan had through the city. It was set to expire next year. The city still had a deed on the building as collateral but agreed to retire the IRB early.
Simon will continue handling leasing at the building, and Landmark will manage it as well.
“There’s a lot of interest right now,” Simon says of about four serious prospects.