Stream Realty Partners and J.P. Morgan Asset Management are planning a major renovation and expansion of Trammell Crow Center, one of Dallas' most recognizable architectural icons located at 2001 Ross Avenue.
This will be the first major renovation of the 32-year-old postmodern high-rise transforming it into a mixed-use destination in downtown Dallas.
Institutional investors advised by J.P. Morgan Asset Management own Trammell Crow Center and the adjacent 2.66-acre development site.
"With this historic investment, Trammell Crow Center will remain a vibrant and modern icon that inspires generations to come," said Dallas Mayor Mike Rawlings. "The building will serve as a strategic cornerstone for The Arts District, in close proximity of The Central Business District."
Stream and J.P. Morgan Asset Management will execute a redevelopment of the existing office tower as well as a ground-up mixed-use development on a 2.66-acre site located directly to the south of Trammell Crow Center. The redevelopment of the 1.2 million-square-foot office tower will include significant enhancements to the building's interior lobby, lower exterior and plaza.
The complementary mixed-use development on Ross Avenue will be anchored by more than 26,000 square feet of restaurant-driven retail space and a parking facility that will boost Trammell Crow Center's parking ratio to 3:1000 square feet.
The collective 5-acre transformation on Ross Avenue will not only re-establish Trammell Crow Center among the top office destinations in Dallas, but will also serve as a new attraction for visitors to the Arts District and Klyde Warren Park.
"This substantial investment in Trammell Crow Center underscores our commitment to Dallas-Fort Worth, where our North Texas portfolio includes $4.8 billion in assets comprising more than 30 million square feet," said Dale Todd, executive director of J.P. Morgan Asset Management. "We are one of the largest property owners in Dallas' prime urban office market and believe that Ross Avenue's best days lie ahead."
The redesign will also focus on expanding the building's on-site amenities to include a new 3,000-square-foot tenant lounge, an expanded, 9,000-square-foot athletic club and 9,000-square-foot conference center located on the second floor to create an inspiring and energetic work environment.
"The redevelopment of Trammell Crow Center is a sacred undertaking due to its architectural significance and legacy within the Dallas real estate community," said Ramsey March, managing director at Stream, who leads Stream's development team along with Jerry Mays, Scott Sowanick and Steve Riordan. "Our aspiration is to honor that legacy with a bold vision that delivers the modern environment and amenities top-tier companies demand. The iconic nature of the building from afar will remain the same, but all design aspects below the third floor will receive a reboot with a focus on light, modern materials."
Stream's Ramsey March, Sara Terry and Scott Sowanick will continue to represent leasing of the 50-story office tower.
"The significance of the building's redesign and expansion, for me, dates back to 1984 when I worked for the general contractor constructing Trammell Crow Center," said Jerry Mays, senior vice president of development and construction at Stream. "The design of both projects is the result of nearly two years of planning, and I could not be more excited about what the redevelopment will mean for Trammell Crow Center's future."
Engineered as a model of 21st-century work/life balance, the signature office building supports both conventional and creative enterprises. The 1.2 million-square-foot building is more than 92 percent leased with flexible space options ranging in size from 1,800 to 260,000 square feet. The retailers and restaurants added to the building will bring together first-to-market restaurants with extensive patio space, along with a Texas-based urban market to appeal to a broad demographic.
"The primary objective for this project is to exceed tenant expectations in terms of amenities," said Sara Terry, vice president at Stream. "Restaurants in this part of the city are particularly scarce despite more than 16,000 office workers within walking distance and we will meet that need."
The most notable change for the building will be a new 50-by-80-foot glass and metal façade below the third floor, which will extend out to Ross Avenue and pour light into the expansive lobby. The Flora Street entry will modify into a similar glass entry, and the ground floor of the Olive and Harwood Street corners will extend towards Ross Avenue to create additional restaurant space.
"Once completed, the reimagined Trammell Crow Center will bring a new energy to Dallas' cultural center, enhancing a neighborhood where people already work, live and enjoy our prized cultural venues," said Kourtny Garrett, president and CEO of Downtown Dallas, Inc.
Stream and J.P. Morgan worked with the local office of international architect, HOK, on the tower's redesign and Dallas-based HKS designed the mixed-use project on Ross Avenue. Construction of both projects will commence in March of 2017 with completion anticipated in the fall of 2018.
J.P. Morgan Asset Management – Global Real Assets has more than $96 billion in assets under management and more than 400 professionals in 20 offices throughout the Americas, Europe and Asia Pacific, as of December 31, 2016. With a 45-plus year history of successful investing, J.P. Morgan Asset Management – Global Real Assets' broad capabilities provide many of the world's most sophisticated investors with a global platform of real estate, infrastructure and transportation strategies driven by local investment talent with disciplined investment processes consistently implemented across asset types and regions.