The downtown Dallas Greyhound station property will soon be in new hands.
Dallas real estate developer and businessman Ray Washburne closed a sale on the property at 205 S. Lamar St. on Thursday, he said in an exclusive interview with The Dallas Morning News. Washburne owns several other high-profile properties in the area, including Founders Square, Knox Street Dallas and the former Dallas Morning News campus.
A Greyhound spokesperson said in January that the terminal would shut in October when its lease was set to expire, although intercity bus service would continue. But the bus company has since extended the lease on the space through April 2025, after which Washburne says he will redevelop it.
Greyhound declined to comment on the sale.
There are no specific plans yet for the property, but it will fit into Washburne’s larger plan to revamp downtown.
“I’m just trying to help clean up downtown … and the idea is to get it ready for the new convention center,” Washburne said. “They’re going to be there until April, and then we’ll get in there and decide how to redevelop and reposition it.”
Details of the sale were kept confidential. The 26,000-square-foot property is worth $2.8 million, according to the Dallas Central Appraisal District.
Twenty Lake Holdings, a subsidiary of investment firm Alden Global Capital, purchased 33 Greyhound stations across the U.S. from U.K.-based First Group in late 2022 for $140 million. Since then, terminals in major hubs such as Philadelphia and Cincinnati have shuttered and the properties have gone on the market.
That can leave riders without shelter as they wait hours for connections. New terminals, when they are built, are often pushed to suburban areas far from public transit, which advocates say poses challenges for riders without cars.
It’s unclear how many routes are run out of the terminal. Unlike public transit, data on intercity travel is scarce since routes are operated by private companies.
Greyhound is not the only carrier to operate out of the Lamar Street terminal. Bus carriers often have agreements to connect passengers across lines, creating a national web for ground travel. Valley Transit operates limited routes out of the terminal, online arrival and departure records show.
Washburne said he will probably look at preserving the bus station sign, which dates to about 1946.
Jake Milner Davidson Bogel Real Estate brokered the transaction and represented seller Twenty Lake Holdings.