Dallas’ Chase Tower to Get Multimillion-Dollar Overhaul – What is a Ground Lease?
Dallas, News, Office, Southwest, CBRE, Fortis Property Group, Starwood Capital Group, Stream Realty Partners
Fortis Property Group has revealed plans for a multimillion-dollar renovation of the 55-story Chase Tower in downtown Dallas. The iconic Class A skyscraper will be rebranded as the Dallas Arts Tower.
The landlord chose the new name in collaboration with leasing broker Stream Realty Partners. Stream’s Executive Vice President & Partner J.J. Leonard and Managing Director Matt Wieser serve as the office leasing agents for the 1.3 million-square-foot office building.
The property will feature an enhanced lobby, a new art gallery, a Milkshake Concepts cafe and The Rotunda, a Greek restaurant. Construction is scheduled to commence this summer, with an estimated completion date in early 2024. ENTOS Design is collaborating with restaurant architect 75 Degree Design Studio to carry out the enhancements in the common areas.
CBRE Senior Vice President Jack Gosnell, along with Vice President Elizabeth Herman Fulton and Associate Marissa Stave, facilitated the lease negotiations for Milkshake Concepts on behalf of Fortis and are spearheading the retail leasing efforts for Dallas Arts Tower.
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The building features various speculative suites and has up to 200,000 square feet of contiguous office space ready for lease. Savills, Hines, Deloitte, GreenbergTraurig and J.P. Morgan are among the existing tenants at the property, CommercialEdge reveals.
Designed by architect Richard Keating and completed in 1985, the office tower received a full renovation in 2015, the same data provider shows. Fortis picked up the asset back in 2016 for $285 million, according to the same source. The property is also subject to a $188.1 million loan originated by Starwood Capital Group, set to mature in 2031.
A revitalized Dallas skyscraper
After Fortis took ownership, the skyscraper underwent numerous enhancements, including the introduction of a fresh motor court, water features, as well as the addition of a sky lounge and meeting center on the 40th floor, along with a modern fitness center.
An executive tenant conference center, a Starbucks coffee shop, a convenience store, on-site shoeshine service, a car wash facility and a sky bridge that connects to the Dallas Marriott Downtown and the DART Light Rail station are comprised within the property’s amenity package.
Located at 2200 Ross Ave. adjacent to the city’s Arts District, the office tower is nearby Dallas Downtown Historic District, as well as other dining, retail and entertainment destinations. Additionally, the Dallas/Fort Worth International Airport is some 18 miles from the property.
The Dallas-Fort Worth office market showcases resilience amidst economic headwinds
The Dallas-Fort Worth office market was strong in 2022, despite economic challenges, CommercialEdge data reveals. The metro showcased resilience, recording a 6.2 percent growth in office-using jobs year-over-year, the highest nationwide.
The Metroplex’s vacancy rate decreased from 17.9 percent in January to 16.6 percent in March, edging nearer the national average of 16.7 percent, according to the latest CommercialEdge national office report.
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The 1.3 million-square-foot office building will be rebranded as Dallas Arts Tower.
The post Dallas’ Chase Tower to Get Multimillion-Dollar Overhaul appeared first on Commercial Property Executive. Read More
In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.
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