Plaza of the Americas

Dallas, TX

Active Investment
 
NRSF: 1,233,266
Acquisition Date: 12/22/2011
Status:Active

Plaza of the Americas is a 1,233,266 square-foot Class A office/mixed-use complex in Dallas, Texas.  The property is comprised of twin 25-story office towers connected by a 13-story atrium containing two levels of retail and abutting the 407-room Marriott City Center Hotel (not included in the acquisition).  Located adjacent to the Arts District in Dallas’ CBD, Plaza of the Americas offers an unmatched amenity package which, in addition to the Marriott hotel, includes 18 restaurants, convenient parking, and numerous retail options.  The property is located on the expanding light rail system at the Pearl Station and enjoys superior access to all freeways and major thoroughfares that serve the Dallas CBD.  Plaza of the Americas benefits from several long-term leases to national credit tenants including: JPMorgan Chase Bank, Chartis Insurance, Capital One, Thompson Coe, and the United States Government, who occupy a combined 36.8% of the property.

Opportunity

  • Opportunity to acquire a strategically located Class A asset in the northeast quadrant of the Dallas CBD; located adjacent to the nationally recognized Dallas Arts District.
  • Acquire property at favorable basis to support conservative lease-up assumptions – thereby allowing the possibility of significant upside.  Furthermore, the acquisition price represents a substantial discount to current replacement cost.
  • Best overall asset in competitive set with an unmatched amenity base.
  • Located on the expanding light rail system at Pearl Station, the first downtown stop form the high growth areas of North Dallas.

Value Enhancement Strategy

  • Re-stabilize 73% leased asset through lease-up of the remaining vacancy.  The property stands to benefit both from rolling in-place rents to market, and from the significant amount of roll that the Dallas CBD will experience in the coming years.
  • Reposition Plaza of the Americas by aligning with the Arts District and implementing a targeted capital improvement program to enhance curb-appeal, interior retail and common area finishes, and improve the garage experience.
  • Leverage ownership’s significant Dallas experience and strong brokerage relationships to ensure successful lease-up and stabilization of Plaza of the Americas.