The Acram Group is kicking off an ambitious renovation of the Spectrum Center in North Dallas. The Acram Group acquired the Spectrum Center last year for $114.3 million, or approximately $185 per square foot, from Granite Properties. The transaction was a joint venture between Acram Group and Oak Hill Advisors (OHA). The 614,000 square foot, Class A office buildings consist of two 12-story towers is located in the Lower Tollway submarket of North Dallas. They own more than one million square feet of office space in the DFW area.

A public filing indicated that the Acram Group is planning a $12.5 million renovation of the 12-story Spectrum Center. The revamp will include some demolition and rebuilding of the exterior as well as totally redoing their amenity space in the building.

The project is expected to be completed by the end of this year. Built in 1982 and previously renovated in 2010, the Class A buildings sit on about 7 acres.