Prime Star Home Health of NWLA, INC. leased 2,521 square feet at 12655 North Central Expressway in Dallas, TX. Yvette Rodriguez represented the landlord, Hartman Income REIT.
Famed Gold Clad Office Towers to be Renamed The Gild as Part of Modernization
DALLAS (October 8, 2021) – Dallas and California-based Fenway Capital Advisors (Fenway), along with partner Waterfall Asset Management (NY), today unveiled plans for a multimillion-dollar transformation and repositioning of Campbell Centre in Dallas. Renovations at the iconic 878,564-square-foot, two-tower office complex are scheduled to begin immediately. The robust program will modernize the property from Class A to Class A+ by adding hospitality-type amenities that integrate efficiency and comfort for a work/life environment. Once complete, the famed gold-clad office complex will officially debut as The Gild.
“We could not be more excited about the opportunity to extensively renovate, refresh and re-brand these iconic towers, which are in one of the best locations in all of Dallas,” said Patrick Tribolet, Dallas-based Managing Partner of Fenway Capital Advisors. “Our goal is to raise the quality standard of these buildings to compete with the best assets in this submarket and to attract tenants from all over the Metroplex and beyond who are looking for superior quality and an amenity-rich environment with hospitality-like services.”
The Gild will feature numerous updates to the exterior and interior spaces for enhanced tenant and visitor experiences. The “greening” of the parking deck and improvements to the building entrances will provide a dramatic park-like arrival experience. A new connector park and office courtyards will offer outdoor spaces that support a healthy work environment. Interior improvements will encourage a more people-centric work culture with social spaces in public corridors designed to foster human connection. Gensler is the architect on the project.
“Gensler is proud to work with Fenway Capital Advisors on this iconic property in Dallas,” said Steven Upchurch, Managing Director/Principal at Gensler. “These spaces support a variety of work and social modes to create a more dynamic development for tenants.”
Renovations include, but are not limited to:
· The addition of several central tenant work lounges with a variety of active and quiet zones
· Updated tower lobbies featuring a hospitality lounge, coffee bar and “grab & go” – all with a coffee shop vibe
· A new boutique café with a variety of food offerings
· New coffee bars/dining areas with exterior courtyard views
· New coffee bars/dining areas with exterior courtyard views
· Updated restrooms and tenant corridors
· A state-of-the-art conference/meeting center
· A community “connector” park that brings the buildings together and provides easy access to a shaded walkway and outdoor seating areas
· Numerous modern spec suites ranging in size from approximately 2,000 square feet to a full floor of approximately 16,000 square feet
Fenway acquired the towers in May 2021 and retained Stream Realty Partners, a national real estate services, development and investment company, to manage and provide exclusive leasing representation. Stream’s Executive Vice President of Leasing Matt Wieser, Vice President Kristin Millington and Senior Associate Marissa Parkin, will lead the efforts.
“The redevelopment of the towers will afford tenants a more dynamic workday that fosters socialization and community while retaining topnotch talent,” said Weiser. “The excellent location together with the modern, activated amenities, make The Gild an exceptional choice for tenants seeking best-in-class office space in Dallas.”
Completed in 1972 and 1977, the two, 20-story office towers with a striking gold exterior are connected by two mezzanine level structures. The property sits in Dallas’ Central Expressway Submarket, a highly desired transit-oriented location that provides tenants and visitors alike with access to two DART light rail stations, Dallas Love Field Airport and a variety of shopping and dining destinations. It is surrounded by the city’s most prosperous neighborhoods as well as a large and diverse labor pool.
The Gild is Fenway’s second purchase in the Dallas market over the past 24 months. The first being an approximately 860,0000-square-foot industrial/office property located at 3000 N. Redbud Blvd. in McKinney, TX. The property was previously the headquarters for Blockbuster Video Corporation and now houses United Parcel Service and other users. In addition, Fenway is currently converting approximately 100,000 square feet of that property to self-storage use. With a very positive outlook towards the business environment and quality lifestyle offered in Dallas, Fenway continues to seek opportunistic deals across all product types in this target market.
About Fenway Capital Advisors
Fenway Capital Advisors’ (FCA) disciplined approach focuses on creating value through acquiring and repositioning mismanaged and/or under-invested assets in markets with strong fundamentals and positive growth characteristics across the Western U.S. Collectively, FCA principals have more than 55 years of industry experience, spanning multiple cycles, across all disciplines of the real estate industry, including acquisitions, asset management, development and leasing. For more information, please visit www.fenwayca.com.
About Stream Realty Partners
Stream is a commercial real estate firm with full-service offerings in leasing, property management, development, construction management, and investment sales services across the industry. In addition, Stream is dedicated to sourcing acquisition and development opportunities for the firm and its clients. Since 1996, Stream has grown to a staff of more than 950 real estate professionals with offices in Atlanta, Austin, the Carolinas, Chicago, Dallas, Denver, Fort Worth, Greater Los Angeles, Houston, Nashville, Northern Virginia, Phoenix, San Antonio, San Diego, and Washington, D.C. Stream completes more than $3.3 billion in real estate transactions annually and is an active investor and developer across the nation. Visit www.streamrealty.com.
Gensler is a global architecture, design, and planning firm with 49 locations across Asia, Europe, Australia, the Middle East, and the Americas. Founded in 1965, the firm serves more than 3,500 active clients in virtually every industry. Gensler designers strive to make the places people live, work, and play more inspiring, more resilient, and more impactful. Visit www.gensler.com.
PHOTO CREDIT: Gensler
• Leasing volume reached 10 million s.f. in Q3, bringing the year-to-date total to 31 million s.f.
• Consistently high demand resulted in 9.5 million s.f. of quarterly net absorption, a figure which matches the 10-year annual average
• Total vacancy declined for a third consecutive quarter and fell to 8.6%
• Deliveries for the quarter hit 8.1 million s.f. and were 83.2% preleased due to owner-user and build-to-suit completions
Houston’s industrial market continued to move at a rapid pace with another strong quarter of demand. Leasing activity was led by Chewy.com’s entry to Houston with a 690,000-s.f. deal at Northpoint 90 Logistics Center and an expansion in the market by an e-commerce user for 629,186 s.f. at Prologis Presidents Park, both of which were build to suits. Four consecutive quarters of robust leasing volume led to a flurry of move-ins from both a new and expanding tenant base, largely in first-generation product. Notable completions included a 1.5-million-s.f. build to suit for Lowe’s in New Caney, 1.9 million s.f. across two projects for an e-commerce company in the Southwest and 1.3 million s.f in two buildings in the North and Northwest submarkets for Home Depot. These companies, among many others, drove Q3 net absorption to 9.5 million s.f., and this momentum is expected to continue through the final quarter of the year. Given the volume of occupancy gains, vacancy dropped 40 basis points quarter-over-quarter to 8.6%. Demand is ahead of supply year to date, a trend which should carry through the close of 2021. Construction activity decreased 15.5% to 11.9 million s.f. despite 5.6 million s.f. of new groundbreakings. Rising materials costs and supply chain issues are still causing some delays, but several new building parks are poised to break ground in early Q4, and even more are in permitting and design phases for early 2022. Additionally, the flight to quality and appetite for new construction are driving an increase in asking rents across the metro. Click to read more at www.us.jll.com.
Parks and streetscapes benefit landlords and tenants
It was 2004 when a group of bold leaders from Westchase District met in a board retreat to go through a visioning exercise to imagine what Westchase District might look like 20 years down the road. As a result of that exercise, the Westchase District Board of Directors established the following Vision Statement: “The Westchase community is a vibrant living and working community, with a high-quality downtown. The Westchase community is perceived by residents as the safest in the region and has the highest (measured) mobility level in the region. The community is known for having entertainment/recreation amenities, and there are inter-connecting hiking, biking, and pedestrian ways, linking a set of community gathering areas.”
Since that vision statement was adopted by the board in 2004, it appears on the District’s website and at the bottom of every board meeting agenda, serving as a constant reminder of the Board’s vision.
Parks and greenspaces
This fall, Woodchase Park — the area’s first, fully programmed park — will open at 3951 Woodchase Drive. Woodchase Park features a fenced dog park, children’s play area with a misting feature and climbing wall, a community garden, walking paths and exercise stations, plus a pavilion with restrooms and a covered patio available for events. The park will have a soft opening in early October, with weekly activities that include adult exercise classes, a children’s mobile library, and art and music activities for kids. Ten days of grand opening festivities will begin on Thursday, October 28, including a ribbon-cutting ceremony with Mayor Sylvester Turner. Click to read more at www.rednews.com.
Rally House leased an 8,000 square feet space at Denton Crossing West at 1400-1800 South Loop 288 in Denton. The Retail Connection’s David Levinson and Jack Weir represented the landlord in negotiating the lease along with Tripp Russ with RUE.