Dallas Office Tower Lands $190M in Financing
- Sep 07, 2015
Goddard Investment Group has landed $190 million in financing for a 58-story office tower in downtown Dallas.
An HFF debt placement team led by Senior Managing Director John Brownlee, Managing Director Steve Heldenfels and Director Jim Curtin arranged the loan on behalf of the Atlanta-based company. The broker managed to secure the financing through AIG Investments, breaking the loan into two separate components: a $100 million, initial seven-year, fixed-rate loan, and a $90 million floating-rate loan. According to HFF, loan proceeds are being used to take out the existing financing, as well as to fund tenant improvements and upgrades, such as the addition of a new parking garage and interior renovations.
The Class A office tower at 1445 Ross Ave. in the Dallas Arts District is the city’s fifth-largest building, and the 15th tallest in Texas. It is also one of only three LEED Gold certified Class A office buildings in downtown Dallas.
Called Fountain Place due to the Dan Kiley-designed “Fountain Plaza” water garden at its base, the building topped out in 1986 and is currently 86 percent leased. The tenant roster includes Wells Fargo Bank, N.A. and Tenet Healthcare, among others.
Fountain Place incorporates an adjacent 1.5-acre development site that could be turned into an above-grade parking garage, and features 1.2 million square feet of office space. The building was developed by Criswell Cos. and designed by Pei Cobb Freed & Partners.
Image courtesy of Fountain Place