Trammell Crow Center In Dallas, Texas, To Be Renovated And Expanded
According to the officials, this will be the first major renovation of the 32-year-old postmodern high-rise transforming it into a mixed-use destination in downtown Dallas. Institutional investors advised by J.P. Morgan Asset Management own Trammell Crow Center and the adjacent 2.66-acre development site.
"With this historic investment, Trammell Crow Center will remain a vibrant and modern icon that inspires generations to come," said Dallas Mayor Mike Rawlings. "The building will serve as a strategic cornerstone for The Arts District, in close proximity of The Central Business District."
Stream and J.P. Morgan Asset Management will execute a redevelopment of the existing office tower as well as a ground-up mixed-use development on a 2.66-acre site located directly to the south of Trammell Crow Center.
The redevelopment of the 1.2 million-square-foot office tower, that is 92 percent leased, will include significant enhancements to the building's interior lobby, lower exterior and plaza. The complementary mixed-use development on Ross Avenue will be anchored by more than 26,000 square feet of restaurant-driven retail space and a parking facility that will boost Trammell Crow Center's parking ratio to 3:1000 square feet.
The collective 5-acre transformation on Ross Avenue will not only re-establish Trammell Crow Center among the top office destinations in Dallas, but will also serve as a new attraction for visitors to the Arts District and Klyde Warren Park.
"This substantial investment in Trammell Crow Center underscores our commitment to Dallas-Fort Worth, where our North Texas portfolio includes $4.8 billion in assets comprising more than 30 million square feet," said Dale Todd, Executive Director of J.P. Morgan Asset Management. "We are one of the largest property owners in Dallas' prime urban office market and believe that Ross Avenue's best days lie ahead."
"The redevelopment of Trammell Crow Center is a sacred undertaking due to its architectural significance and legacy within the Dallas real estate community," said Ramsey March, Managing Director at Stream, who leads Stream's development team along with Jerry Mays, Scott Sowanick and Steve Riordan. "Our aspiration is to honor that legacy with a bold vision that delivers the modern environment and amenities top-tier companies demand. The iconic nature of the building from afar will remain the same, but all design aspects below the third floor will receive a reboot with a focus on light, modern materials."
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