Fountain Place Is Getting a $70M Makeover
- May 26, 2017
Goddard Investment Group kicked off a $70 million redevelopment project at Fountain Place in downtown Dallas. The plan includes office tower enhancements, as well as a new 10-story garage with four plaza level restaurants.
Originally completed in 1986, Fountain Place underwent cosmetic renovation in 2013. This time, the redevelopment’s objectives are: a complete rehabilitation of the lobby, an expansive tenant lounge, an 8,000-square-foot fitness center, as well as a new training room. Additionally, the property’s fountains are also being redone while also preserving the work of landscape architect Dan Kiley. The fitness center is set to open in April, while the garage will open in October. Other building interior work is scheduled for completion by May next year.
“We wanted the interiors of Fountain Place to be relevant and current. And every decision we’ve made has been in line with that goal,” Richard Markham, principal at Goddard Investment Group, said in a prepared statement.
Lease Renewals for 500 KSF
The Class A, 1.3 million-square-foot office tower also secured renewals from multiple major tenants, including Wells Fargo, Tenet Healthcare and Hunton & Williams. Bracewell LLP recently extended its lease to approximately 40,000 square feet. Combined, the renewals add up to more than 500,000 square feet. Johnny Johnson and Lauren Napper of Cushman & Wakefield negotiated the deals on behalf of Goddard. Fountain Place is currently 85 percent occupied, with about 155,000 square feet of space available.
According to Yardi Matrix data, Goddard acquired the property in 2014 from JP Morgan as part of a portfolio sale that included more than 2.3 million square feet of office space and 29,250 square feet of retail space.
Image courtesy of Cushman & Wakefield