Chase Tower. Picture courtesy of CommercialEdge
Fortis Property Group has revealed plans for a multimillion-dollar renovation of the 55-story Chase Tower in downtown Dallas. The enduring Class A skyscraper will likely be rebranded because the Dallas Arts Tower.
The owner selected the brand new title in collaboration with leasing dealer Stream Realty Companions. Stream’s Government Vice President & Companion J.J. Leonard and Managing Director Matt Wieser function the workplace leasing brokers for the 1.3 million-square-foot workplace constructing.
The property will function an enhanced foyer, a brand new artwork gallery, a Milkshake Ideas cafe and The Rotunda, a Greek restaurant. Building is scheduled to start this summer time, with an estimated completion date in early 2024. ENTOS Design is collaborating with restaurant architect 75 Diploma Design Studio to hold out the enhancements within the widespread areas.
CBRE Senior Vice President Jack Gosnell, together with Vice President Elizabeth Herman Fulton and Affiliate Marissa Stave, facilitated the lease negotiations for Milkshake Ideas on behalf of Fortis and are spearheading the retail leasing efforts for Dallas Arts Tower.
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The constructing options numerous speculative suites and has as much as 200,000 sq. toes of contiguous workplace area prepared for lease. Savills, Hines, Deloitte, GreenbergTraurig and J.P. Morgan are among the many current tenants on the property, CommercialEdge reveals.
Designed by architect Richard Keating and accomplished in 1985, the workplace tower acquired a full renovation in 2015, the identical information supplier reveals. Fortis picked up the asset again in 2016 for $285 million, in response to the identical supply. The property can also be topic to a $188.1 million mortgage originated by Starwood Capital Group, set to mature in 2031.
A revitalized Dallas skyscraper
Dallas Arts Tower foyer. Rendering by Williams New York, courtesy of Stream Realty Companions
After Fortis took possession, the skyscraper underwent quite a few enhancements, together with the introduction of a contemporary motor courtroom, water options, in addition to the addition of a sky lounge and assembly heart on the fortieth ground, together with a contemporary health heart.
An govt tenant convention heart, a Starbucks espresso store, a comfort retailer, on-site shoeshine service, a automobile wash facility and a sky bridge that connects to the Dallas Marriott Downtown and the DART Gentle Rail station are comprised inside the property’s amenity bundle.
Situated at 2200 Ross Ave. adjoining to the town’s Arts District, the workplace tower is close by Dallas Downtown Historic District, in addition to different eating, retail and leisure locations. Moreover, the Dallas/Fort Price Worldwide Airport is a few 18 miles from the property.
The Dallas-Fort Price workplace market showcases resilience amidst financial headwinds
The Rotunda Restaurant. Rendering by Williams New York, courtesy of Stream Realty Companions
The Dallas-Fort Price workplace market was sturdy in 2022, regardless of financial challenges, CommercialEdge information reveals. The metro showcased resilience, recording a 6.2 p.c development in office-using jobs year-over-year, the very best nationwide.
The Metroplex’s emptiness fee decreased from 17.9 p.c in January to 16.6 p.c in March, edging nearer the nationwide common of 16.7 p.c, in response to the most recent CommercialEdge nationwide workplace report.
