JP Morgan, Stream Realty Tackle $135M Makeover
- Mar 13, 2017
Dallas—Trammell Crow Center, an iconic office high-rise in the blossoming Arts District of downtown Dallas, will soon take on a new life. Property owners Stream Realty Partners and J.P. Morgan Asset Management have revealed plans for the $135 million transformation of the 1.2 million-square-foot asset into a mixed-use destination.
Developed by Trammell Crow in 1984, the Skidmore, Owings & Merrill-designed Trammell Crow Center is a local architectural jewel, holding the distinction of being the city’s very first postmodern skyscraper, according to the Texas State Historical Association. With HOK onboard for the redesign, the 92 percent leased office tower’s architectural integrity will be maintained. Stream and J.P. Morgan have tapped HKS to bring the vision of the new segment of the project to life.
“The redevelopment of Trammell Crow Center is a sacred undertaking due to its architectural significance and legacy within the Dallas real estate community,” Ramsey March, managing director at Stream, said in a prepared statement. “Our aspiration is to honor that legacy with a bold vision that delivers the modern environment and amenities top-tier companies demand.”
The remodeling of the 50-story office tower at 2001 Ross Ave. will center on the first two floors, where amenities will be enhanced to include a 3,000-square-foot tenant lounge, as well as an expanded 9,000-square-foot athletic club and 9,000-square-foot conference facility. The new mixed-use portion of the property will occupy an approximately 2.7-acre adjacent site and feature such offerings as 26,000 square feet of restaurant-driven retail and a parking garage. The owners and city officials expect both the modernized original building and the new ground-up development to become a leading attraction for Arts District visitors. With construction activity set to get underway this month, Stream and J.P. Morgan are scheduled to debut the transformed property in fall 2018.
The Trammell Crow Center will likely receive a warm welcome. “Development of mixed-use projects will continue due to the success of current projects such as Legacy West and The Star in Frisco,” as noted in a 2016 report on the Dallas-Fort Worth market by commercial real estate services firm Colliers International. Legacy West, a $2 billion development, will span 250 acres in the suburban Dallas city of Plano. The 90-acre The Star will feature the 300-key Omni Frisco Hotel, and boast as its anchors the new headquarters of the Dallas Cowboys and the 12,000-seat Ford Center event facility. The Star is part of the $5 Billion Mile, a mile-long area featuring four mixed-use developments valued at an aggregate $5 billion.