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HFF Arranges Construction Loan, JV Equity for $225M Development of McKinney & Olive

31 Jul 2014, 3:28 am

By Liviu Oltean, Associate Editor

HFF recently announced that it arranged the construction loan and joint venture equity investment for the development of McKinney & Olive, a $225 million, 530,000-square-foot luxury project. Currently under construction, the tower was designed by renowned architectural firm Pelli Clarke Pelli and has been described by press as being “sexy.”

Acting on behalf of the developer, Crescent Real Estate Equities, HFF arranged 10-year, fixed-rate construction financing through New York Life Insurance Co. The capital placement team was led by associate director Bill Fishel, together with executive managing director Mark Gibson and senior managing director Trey Morsbach. J.P. Morgan Asset Management provided the joint venture equity for the development on behalf of institutional investors.

Rendering of McKinney & Olive Courtesy of Crescent Real Estate Holdings L.L.C. via official website

As we reported, the 20-story tower will feature 480,000 square feet of office space, 50,000 square feet of retail space and an outdoor public space of nearly one acre. Although early in the construction phase, the tower has already landed two important tenants — prestigious law firms Gardere Wynne Sewell LLP and Sidle Austin, which pre-leased 109,000 and 75,000 square feet of office space, respectively.

Set to be developed as Uptown Dallas’ tallest structure, McKinney & Olive is rising on a 3.1-acre site at McKinney Avenue and Olive Street. The Class A-plus tower’s typical floor size encompasses 25,000 to 30,000 rentable square feet, with highly efficient floor plates and 10-foot ceiling heights.

“Pelli Clarke Pelli has created a remarkable development that will become an iconic and compelling addition to Dallas’ central city,” said Mayor Mike Rawlings. “Additionally, Crescent’s continued investment in Dallas will not only create jobs and strengthen our tax base but McKinney & Olive will give us a competitive edge, helping us to keep and attract businesses to our city.”

 



KPMG Centre to Gain High-Tech Transplants from San Diego

24 Jul 2014, 10:12 pm

By Liviu Oltean, Associate Editor

Omnitracs L.L.C. and ACTIVE Network, two San Diego-based technology companies, plan to relocate their headquarters from San Diego to Dallas.

KPMG Centre

Owned by San Francisco-based private equity firm Vista Equity Partners, the firms are expected to land at KPMG Centre, according to the Dallas Business Journal. The 34-story tower at 717 N. Harwood St. was acquired in March by World Class Capital Group, which plans to upgrade the 850,000-square-foot asset.

“We see Dallas as an opportunity to centralize our location as we expand globally, recruit great talent, and increase our operational excellence,” said ACTIVE Network CEO Darko Dejanovic in a statement.

Omnitracs, a provider of fleet management solutions to transportation and logistics companies, will lease approximately 100,000 square feet. The Texax Enterprise Fund is providing the company with a $3.9 million grant as an incentive. Relocation is scheduled for early 2015. Omnitracs will move 450 jobs that pay an average base salary of $50,000.

ACTIVE Network, which specializes in activity and participant management and data solutions, will lease about 200,000 square feet at the same location. The company is receiving an $8.6 million relocation grant and plans to hire about 1,000 people at a base salary of $60,000.



Peloton Commercial Real Estate Appointed Manager of Bank of America Plaza

17 Jul 2014, 3:29 pm

By Liviu Oltean, Associate Editor

Metropolis Investment Holdings Inc. recently appointed Peloton Commercial Real Estate as manager of Bank of America Plaza, one of Dallas’ most iconic skyscrapers. Encompassing more than 1.8 million square feet of office and retail space, the 72-story tower not only stands as Dallas’ tallest office building but also as the third-tallest building in Texas and the 22nd-tallest in the United States. Completed in 1985 and designed by JPS Architects, the tower was developed through a joint venture between Prudential Insurance, Bramalea LTD and First National Bank.

Bank of America Plaza

“Bank of America Plaza has been one of our firm’s most important leasing assignments for the past several years, and we are delighted to combine leasing and management operations under the Peloton platform,” said Peloton Commercial Real Estate Co-founder Joel Pustmueller. “We believe the combined synergy will enhance and accelerate the repositioning of this iconic asset.”

Peloton has selected Adam Bernhardt as head of the management team and added several new members to it, including Grant Summer and John Dickenson as well as Pustmueller. With these new appointments, Tom Prescott, president of Metropolis Investment Holdings, said he believes there is now an excellent leasing and management team for the famous asset.

Peloton is planning on relocating its headquarters to the tower as proof of its commitment to the Central Business District. “For those of us who have been longtime advocates of the CBD, it is an exciting time that has been years in the making,” said Pustmueller. “The attraction of the downtown area improves almost daily, and the future is bright.”

Photo Courtesy of Wikipedia



Tradition Senior Living Expands Prestonwood Property with Assisted Living, Memory Care

2 Jul 2014, 9:41 pm

By Liviu Oltean, Associate Editor

“The Tradition – Lovers Lane” Rendering

North Dallas will be home to a new four-story assisted living and memory care building through the initiative of Tradition Senior Living L.P.  The project represents an expansion of the current Tradition-Prestonwood, which opened in 2010, and entails the development of 75 assisted living and 38 memory care apartments.

Expected to open in May 2015, the 138,000-square-foot expansion will be aligned with the luxurious amenities of the original Tradition-Prestonwood: a rental community with no buy-in fee, reserved parking, beautiful interiors filled with antiques and abundant light, a state-of-the-art fitness center and an indoor pool and spa. “We are very pleased to offer this addition to our existing independent living community at Prestonwood, which can now provide a continuum of care options to our residents and to the people of Dallas,” said CEO Jonathan Pearlman in an official statement.

Tradition Senior Living is also close to finishing another luxury senior living facility, The Tradition – Lovers Lane. The project, situated on a 7.5-acre site near Central Market, encompasses 202 units designed for independent living and 109 for assisted living and memory care. With the recent expansion, the Dallas-based company has approximately 420 senior living apartments under construction in the region.

For more information on senior living projects in Dallas, see MHN’s report on the new Amish Gupta Ventures project, a 120,000-square-foot senior community that will be developed near Texas State Highway 121 and Creek Valley Boulevard in Carrollton.

Photo Courtesy of PRWeb



Crescent Breaks Ground on $225M Office Tower

26 Jun 2014, 4:09 am

By Liviu Oltean, Associate Editor

Crescent Real Estate Holdings L.L.C. broke ground on McKinney & Olive Tower, launching the first commercial building in Dallas to be designed by an internationally acclaimed architect since the 1980s. The aforementioned architect is Cesar Pelli of Pelli Clarke Pelli Architects, famous for such designs as the Petronas Twin Towers, the Wells Fargo Center in Minneapolis and the Bank of America Corporate Center in Charlotte.

To be constructed on a 3.1-acre site at McKinney Avenue and Olive Street, the 20-story office building promises luxurious amenities. Totaling 530,000 square feet, McKinney & Olive has been designed for companies in Class A+ style: The typical floor size encompasses 25,000 to 30,000 rentable square feet, with highly efficient floor plates and 10-foot ceiling heights, to name a few of the featured amenities.

In addition, the office tower will have 50,000 square feet of retail space, including a coffee shop hub and three restaurants, a fitness center, a rooftop garden and a ground-level piazza. Emphasis is also put on creating a structure that will be efficient and green, since upon completion the development is expected to achieve LEED Gold certification.

Already a renowned project, McKinney & Olive has found its first lease in the law firm Gardere Wynne Sewell L.L.P., one of Texas’ leading law firms. The company will lease 109,000 square feet and will occupy four floors.

“Pelli Clarke Pelli has created a remarkable development that will become an iconic and compelling addition to Dallas’ central city,” said Mayor Rawlings. “Additionally, Crescent’s continued investment in Dallas will not only create jobs and strengthen our tax base but McKinney & Olive will give us a competitive edge, helping us to keep and attract businesses to our city.”

Rendering of McKinney & Olive courtesy of Crescent Real Estate Holdings L.L.C. via official website.







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