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.