Artist renderings courtesy of Kim Gill and Bradley Hatton

One year after Caddo Holdings purchased the Lakewood Towers on Gaston Avenue, a pipe burst in the west building, causing a flood that destroyed everything below the fourth floor.

“Being new to the business, our first reaction was, ‘Let’s stop at Home Depot, get some shop vacs and get to work with squeegees,’” managing partner Tim Slaughter says. “There’s 2 feet of water, and we’re like, ‘We’ll need more help than this.’”

In the ensuing renovation, the company built 13 small-office suites on the second floor, which hadn’t been leased in 20 years. Ninety days later, they were all occupied.

“The light bulb went off,” Slaughter says. “From the very beginning, there were always people calling saying, ‘Hey, I live in the neighborhood, and I just need one or two offices. Do you have something for me?’ Unfortunately, we had 175,000 square feet
of building to lease, and leasing 200 square feet at a time was not very efficient.”

“We thought, ‘How do we meet the need of small-office space in Lake- wood?’ We’re right in the middle of the neighborhood, and that’s where folks want to be.”

When Texas Neurology announced its intentions to move to Mockingbird Station in April 2019 after more than 20 years in the space, Slaughter saw an opportunity to meet that demand.

Renovation of the four-story building at 6301 Gaston Ave. is underway. The building will be converted into nearly 170 private office suites that can be leased individually or in groups. There will be shared conference rooms, kitchens and a mailroom.

The company plans to start leasing the space in January and open in April or May. Most leases are short and expire in 60 days.

“It’s a place where smaller offices can set up shop, get stuff done and be home in time for dinner,” Slaughter says.

Construction is expected to take about 25 weeks, says Paul Albert, director of operations for Caddo Holdings. The building will be stripped to the studs and rebuilt with a new HVAC system, new backup power generator, new sprinklers and expanded restrooms.

Most of the work will be focused on the interior, but the exterior will also receive a fresh coat of paint, as well as additional signage, lighting and landscaping, Albert says.

Renovations will re-expose terrazzo flooring and mid-century modern railing that will be replicated throughout the building. Sheetrock covering an iconic circular door to the security deposit vault will be removed, and the space will be transformed into a gathering place or open work area.

“It’s going to be reminiscent of the ’70s and ’80s during the grand banking days of Dallas,” Slaughter says. “The concept is going to be quirky and funky. People will enjoy being in the space and proud to have an office there.”

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