Woods Capital Faces $98M Foreclosure on Downtown Dallas Tower
The downtown Dallas landmark, bought after Woods' Alliance of American Football venture folded, is now a test of whether the city's office glut has bottomed.
Woods Capital, the Dallas firm led by Jonas Woods, is set to lose 2100 Ross Avenue, the 33-story office tower it controls in the city’s core, at an October 6 foreclosure auction after defaulting on the $98 million loan Wells Fargo placed on the building in 2016. Woods bought the roughly 840,000 square foot tower after the collapse of his Alliance of American Football league redirected his capital toward real estate, and losing it would strip the firm of one of its most visible downtown holdings.
Why it matters
2100 Ross Avenue is not a marginal asset. It is a full-block postmodern tower built in 1982, the kind of building that anchored downtown Dallas leasing for decades before the office market turned. A default of this size on a landmark, rather than a commodity midrise, signals that even well-capitalized, name-brand owners are running out of room to carry downtown debt through a leasing recovery that has not arrived on the timeline lenders underwrote in 2016. For developers and lenders watching the Dallas CBD, this tests whether $98 million loans on 1980s-vintage towers get refinanced, extended, or handed back.
The numbers
The debt is $98 million, originated by Wells Fargo in 2016 and now in default. The tower runs 33 stories and roughly 840,000 square feet in downtown Dallas. The foreclosure sale is scheduled for October 6, giving Woods Capital roughly two weeks from this reporting to negotiate a workout, refinance, or partial paydown before the trustee’s sale proceeds. Dallas County posts the substitute trustee’s notice through the county clerk’s recording division ahead of any sale; the American Developer checked that index for the underlying filing and could not confirm the specific posting before publication.
What’s next
Absent a negotiated extension, the October 6 date puts the tower into a trustee’s sale where Wells Fargo or a buyer of the debt could take title outright. Watch for whether Woods Capital files anything in the interim to delay the sale, and for what a lender-driven disposition of a 1982-vintage, 840,000 square foot tower signals for comparable downtown Dallas stock still carrying pre-pandemic-era debt. The Dallas market, already working through a deep office overhang, is where that answer plays out next.