Uptown Dallas Office Building to Receive Upgrades from New Buyers

by
On Jul 14, 2015
Listed in Dallas, Real Estate News

Dallas-based Champion Partners has announced plans to spend millions of dollars to rebrand and modernize a high-rise building located at 3500 Maple Avenue. Once complete, the building will be known as Parkside Tower.

Rescuing a Troubled Building

Formerly known as simply 3500 Maple, the high-rise building purchased by Champion Partners measures 376,000 square feet. According to reports, the company paid $64.2 million to purchase the 19-story glass mirrored office building. Built in 1985, the building was only valued at $51.9 million by the Dallas Central Appraisal District.

Prior to being purchased, the building was experiencing some issues due to a lack of funding. The prior ownership group, which was a 33-investor tenant-in-common group had defaulted on its loan. Prior to defaulting, the group was unable to keep up with necessary improvements. As a result, it had also lost some of its tenants.

As such, it was only 56 percent occupied at the time of the deal. With its purchase of the property, Champion Partners plans to renovate and upgrade the building so that it is more in-line with the type of office space that is expected for its Uptown location.

To achieve its goals of renovating the building, Champion Partners has hired Gensler to design the renovations. Connecticut-based Building Land and Technology, which has partnered with Champion partners on the project, is also involved in the renovation project.

Bringing a Change to 3500 Maple

Located near Reverchon Park near Turtle Creek, the first change to 3500 Maple will be its name. Appropriately, building will be renamed Parkside Tower. The building will also get a new lobby and entries as well as a new courtyard area and outdoor plaza. A new common lounge and seating areas with Wi-Fi connectivity will also be added, as will a fitness center with locker rooms. Plans are also underway for a modern café with a healthy menu. Renovations are already underway, with the project slated for completion by the end of the year.

Once the renovations are complete, rental rates in the building are likely to increase. According to a recent Cushman & Wakefield report, the Uptown area has seen a significant increase in office leasing rates with the average rental rate for a Class A property being $27.12 per square foot. The upscale, pedestrian-friendly neighborhood is located north of downtown Dallas and is bordered by N. Haskell Avenue to the northeast, US 75 to the east, Bookhout Street and Cedar Springs Road to the west, Katy Trail to the northwest, Spur 366 to the south and N Akard Street to the southwest. Most of the buildings in the neighborhood were developed in the late 20th century or early 21st century.

If you are interested in learning more about the Uptown neighborhood or any other neighborhood in North Texas, contact our team of experienced and knowledgeable real estate professionals. We will be happy to help you explore real estate opportunities in the Dallas/Fort Worth region as we find the right house to suit your lifestyle and budget.

Check out these Dallas homes priced from $250,000 to $350,000

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