Stream Realty Partners and J.P. Morgan Asset Management are joining forces to renovate and expand Dallas’ iconic Trammell Crow Center at 2001 Ross Ave. The $135 million project will mark the first major renovation of the 33-year-old postmodern tower, after which the high-rise will serve as “a strategic cornerstone for The Arts District, in close proximity to The Central Business District,” Dallas Mayor Mike Rawling said in a statement.
Institutional investors advised by J.P. Morgan Asset Management own Trammell Crow Center and the adjacent 2.66-acre site, which will house a new ground-up mixed use development featuring more than 26,000 square feet of restaurant-driven retail space and a parking facility.
The redevelopment of the existing 50-story, 1.2 million-square-foot office tower will include upgrades to the interior lobby, lower exterior and plaza. Moreover, the tower’s amenity package will be expanded to include a new 3,000-square-foot tenant lounge, a 9,000-square-foot athletic club and a 9,000-square-foot conference center on the building’s second floor.
Another notable addition will be a new 50-by-80-foot glass and metal façade below the tower’s third floor, which will extend out onto Ross Avenue and flood the interior lobby with natural light. The Flora Street entrance will also be reshaped into a similar glass entry, while the ground floor of the Olive and Harwood Street corners will be extended toward Ross Avenue to create additional restaurant space.
Stream and J.P. Morgan enlisted the help of international architect HOK to redesign the existing tower and Dallas-based HKS for the design of the new mixed-use development. Construction work on the two projects is set to commence this very month, with completion scheduled for the fall of 2018.
“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,” Dale Todd, executive director of J.P. Morgan Asset Management, said in a statement.
“The primary objective for this project is to exceed tenant expectations in terms of amenities,” added 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.”
Built in 1984, the Class A tower at 2001 Ross Ave. is LEED Gold-certified and more than 92% leased. According to Yardi Matrix data, the tower is subject to a 40-year unsubordinated net ground lease held by CalPERS, set to expire in 2037. Current owner J.P. Morgan acquired the asset in 2004, as part of a portfolio deal with Crescent Real Estate Holdings.
Images courtesy of Yardi Matrix
