JLL’s Capital Markets group has arranged $406 million in financing for Trammell Crow Center, a 1,226,825-square-foot trophy office tower in Dallas’ highly sought-after Arts District.
JLL worked on behalf of the borrower, Regent Properties, LLC, to secure the five-year, fixed-rate, single-asset single-borrower (SASB) loan through Wells Fargo and Morgan Stanley.
Trammell Crow Center stands as one of Dallas’ most renowned office destinations, featuring 50 stories and occupying a premier 2.2-acre site at the confluence of the city’s most important districts. The property is 92% leased to a diverse roster of creditworthy tenants, including major corporations such as Goldman Sachs, Baker & Botts LLP, Vinson & Elkins LLP, Orix and Prudential. The asset continues to benefit from a transformative $182 million renovation completed in 2019 by the prior ownership group, which included construction of a new parking structure providing a competitive 3.0 per 1,000 square feet parking ratio, 27,000 square feet of ground-floor retail that enhanced walkability, a complete lobby renovation and a full suite of Class AA amenities, including the TCC Athletic Club, conference center, outdoor pavilion and on-site dining options.
Located at the epicenter of Dallas’ Arts District overlooking Klyde Warren Park and the Nasher Sculpture Center, Trammell Crow Center benefits from an unmatched mixed-use environment with seamless connectivity to over 400 shops and restaurants, 2.7 million square feet of retail and 29,000+ multifamily units within walking distance. Trammell Crow Center’s position in the Dallas Arts District provides tenants with unparalleled access to cultural amenities, including the Dallas Museum of Art, Nasher Sculpture Center, Crow Museum of Asian Art, Winspear Opera House and Meyerson Symphony Center. The 118-acre Dallas Arts District is the largest contiguous urban arts district in the United States, attracting over 1.5 million visitors annually and generating an estimated $400 million in economic impact.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Managing Director Greg Napper and Associates Jordan Buck and Rett Daugbjerg.
