HPI Real Estate Services & Investments finalized a $155 million loan extension for Ross Tower, its 1.1-million-square-foot Class-A office building in Downtown Dallas at 500 N. Akard St.
The loan extension and additional capital investment by the ownership of the 45-story office tower is a major accomplishment in what is being described as one of the most difficult real estate and capital market environments since the Great Financial Crisis in 2008.
The execution of this extension reflects the strength of the building’s iconic presence, amenity rich environment, and operating performance, led by the management team of HPI Real Estate, Bandera Ventures, and Second City Real Estate.
Since acquiring Ross Tower, ownership has invested nearly $20 million upgrading the building’s interior and exterior appeal. The team enhanced the building amenity package, tripling the size of Starbucks and creating a casual Wi-Fi lounge, tenant living room, and executive board room for companies. Despite the addition of modern amenities during the building’s remodel, significant emphasis was placed on preserving the timeless essence of its original design.
The strategic building upgrades have driven tenant interest and new leasing success totaling over 415,000 rentable square feet and have successfully negotiated several major renewals including the building’s largest tenant, Munsch Hardt, at 77,000 square feet. Premium upper-level floors are available for lease. Ross Tower remains a top option for office tenants as several other downtown office buildings are being converted to residential uses.
LEED Gold Certified, Ross Tower is at the intersection of art and commerce and offers valet parking, a gourmet food hall, Dakota’s Steakhouse, and an on-site Starbucks ― as well as in-building conference facilities, state-of-the-art technology, and a Wifi-powered tenant lounge. There are also three parking garages adjacent to the building offering an above standard parking ratio and quick access. The tower boasts 360-degree views of Uptown, Downtown, the Arts District, Klyde Warren Park, Victory Plaza, and the Margaret Hunt Hill Bridge.
