Regent Properties announced the acquisition of Trammell Crow Center, a 50-story, 1.2 million-square-foot, Class-A office tower located at 2001 Ross Ave. Regent purchased the property from institutional investors advised by J.P. Morgan Global Alternatives. Terms of the transaction were not disclosed.

Trammell Crow Center is among the tallest buildings in Dallas, offering panoramic views of the city’s Arts District and the wider Dallas-Fort Worth metropolitan area. In recent years, the project has benefited from a comprehensive renovation and capital investments in excess of $180 million to modernize the asset, improve curb appeal and create a dynamic, mixed-use destination. Notable additions include the development of a 2,000-space parking garage, a 10,000-square-foot athletic club, a 10,000 square-foot conference center, a new tenant lounge, outdoor gathering areas and 32,000 square feet of urban, walkable retail space programmed with a mixture of food and beverage offerings.

The purchase of Trammell Crow Center also includes the adjacent full-city block situated at 2000 Ross Ave., which is improved with a 2,000-space structured parking garage including extensive ground-floor retail and a development site that can accommodate a new residential or office tower. The block also includes Dallas’ first JW Marriott hotel, which is not included in the transaction.

Buoyed by a strong labor force and steady stream of corporate relocations, Dallas-Fort Worth was one of the country’s top-three net office leasing markets in the fourth quarter of 2021, recording more than one million square feet of new office leasing, per Transwestern. Texas’s 5.1% job growth outpaced the U.S. national average of 4.5% in 2021, according to the Texas Workforce Commission, while the Federal Reserve Bank of Dallas confirmed that Texas is just one of four states to surpass pre-pandemic employment levels.

Dallas-based Caddis announced plans to develop Frisco Medical Pavilion II, a 60,000-square-foot medical office building at 12950 Dallas Parkway in Frisco, Texas, immediately north of the new Texas Health Frisco hospital. Transwestern Real Estate Services has been tapped to provide Agency Leasing services for the development. Construction is expected to begin in mid-2022 with an estimated completion by summer 2023.

Upon completion, Frisco Medical Pavilion II will be a Class-A medical office building featuring a lobby, elevator cabs with gurney capacity, 20,000-square-foot floor plates and the capability for an ambulatory surgical center on the first floor. Exterior features will include an approximately 15,000-square-foot outdoor wellness area, exterior building signage opportunities for full-floor tenants, covered patient drop off and on-site parking with ratio of 5/1,000. The site features visibility opportunities along the Dallas North Tollway.

Centralized in one of the highest-income cities in North Texas, the property features more than 253 retail and dining options within a three-mile radius and has proximity to several large hospital systems such as Texas Health Resources, Medical City Healthcare, Scottish Rite for Children, Children’s Health and Baylor Scott & White Health.

Caddis offers a full range of healthcare real estate investment services and manages a portfolio of more than 70 properties across 16 states, comprising nearly five million square feet and valued at more than $1 billion.

According to Transwestern research, increased penetration of the already prevalent ‘flight to quality’ trend has intensified demand for quality space, and well-positioned properties are likely to capture a greater share of market activity and outperform in 2022 and beyond.