When WestStar Bank moves into its new, glass office tower, slated to finish next year, it will leave behind its old, redbrick headquarters and a prime piece of Downtown real estate.
The property has sold before it even hit the market.
Mimco executive Bob Ayoub said in an interview that the retail developer completed the deal Tuesday and has acquired the building at 500 N. Mesa that houses WestStar’s headquarters and the block it sits on.
The four-story building is 35,000 square feet.
“We are open to any and all possibilities for the property, from renovating it to occupying it ourselves to demolishing it to adding more buildings and a parking structure,” Ayoub said. “The options are endless at this point.”
In the meantime, Mimco has leased the property back to WestStar Bank, which will remain in business there until it moves into WestStar Tower, which is under construction nearby at 601. N. Mesa.
The El Paso-based community bank is developing the office tower, the first built in El Paso in more than 40 years, with El Paso-based Hunt Companies. The $85 million, 18-story structure will be El Paso’s tallest.
Mimco’s purchase of the block is “one of the most exciting things we have done in a long time because it has so much potential to do so many things,” said Ayoub, who declined to disclose the purchase price.
“We’re excited about having another investment in Downtown El Paso,” he added.
Mimco also now owns the two-story building at 500 N. Oregon where the One:One coworking space, Subway and the Gray Dog bar are located.