Invesco Inks 42,750 SF-Lease at Trammell Crow Center; Gaedeke Group Acquires Addison Trophy Tower
- Dec 16, 2013
By Amalia Otet, Associate Editor
Invesco, an independent global investment management firm headquartered in Atlanta, announced plans to relocate its Dallas real estate advisory business from North Dallas, where it has been for many years, to Trammell Crow Center downtown.
The company inked a deal to take more than 42,750 square feet on floors 33 and 34 of the Class A, LEED Silver-certified building in fall 2014.
Trammell Crow Center is located at 2001 Ross Ave., in the heart of the Arts District. Designed by Richard Keating of SOM and developed by Trammell Crow Co., the signature 50-story skyscraper features 1.1 million square feet of premier office space and the best view corridors in the city, including Uptown and Turtle Creek. On-site amenities include the Crow Collection of Asian Art, lobby banking, the Trammell Crow Center Café by Murphy’s Deli, Starbucks, a sundry shop, an ATM, a lobby concierge, an on-site auto detailing service and a dry cleaners.
“Corporate interest in downtown Dallas, specifically in the Arts District, has seen an increase in 2013, with KPMG Plaza at Hall Arts being the first office project in the Central Business District to break ground in eight years,” noted Jeff Ellerman, vice chairman with CBRE Group Inc., who represented Invesco in the transaction. “We are also seeing that vacancy in the core is at a near five-year low. The last time we saw vacancy at this rate was in the first quarter of 2009.”
Ramsey March and Sarah Erickson with Stream Realty Partners represented Trammell Crow Center in the transaction.
“As one of the world’s largest and most prestigious investment advisors, Invesco’s presence at Trammell Crow Center will not only benefit the building itself but the Ross Avenue business district at large,” said Ramsey March, managing director of Stream Realty Partners in Dallas. “We are experiencing a wave of activity on our remaining 110,000-square-foot block of space and anticipate more announcements in the coming months.”
In other news, Citybizlist reported that Gaedeke Group L.L.C. acquired Millennium Tower, a 351,683- square-foot Class A-plus office building in Addison, from KBS Realty Advisors in an all-cash transaction.
Situated within the Middle Tollway Corridor at 15455 N. Dallas Parkway, the property includes a 14-story building and an adjacent seven-story parking garage boasting immediate access to the Dallas North Tollway at its intersection with Arapaho Road.
Building amenities include a full-service deli, a state-of-the-art fitness center, advanced security systems with on-site courtesy officers, on-site management and engineering staff by Gaedeke Group, and a bank center in the lobby.
Millennium Tower is anchored by Dresser Inc., a subsidiary of General Electric Co., which occupies 44,115 square feet, or 12.5 percent of the property. By January, 2014 occupancy is expected to reach 97.8 percent.