HFF refinances Downtown Dallas skyscraper
Holliday Fenoglio Fowler has refinaced Comerica Bank Tower, a 1.5-million-square-foot, iconic Class AA office skyscraper located in the heart of downtown Dallas, Texas.
The HFF team worked on behalf of the borrower, a partnership between TriGate Capital, LLC and M-M Properties, to place the new loan with Annaly Commercial Real Estate Group, Inc. The loan proceeds will be used to repay the prior CMBS loan and provide additional funds for leasing, the expansion of the Elm Street parking garage and other capital expenditures.
Designed by architects Philip Johnson and John Burgee, the 60-storey building was completed in 1987 and incorporates a granite and aluminium curtain wall system with insulated glass, efficient floor plates, spectacular views and distinctive lobby walls clad with polished Botticino Classico marble and Rojo Alicante marble base and mouldings. Building amenities include white-tablecloth dining at Dallas Chop House, a delicatessen, tenant conference centre, executive lounge with wine lockers, patio bar for social hour and direct access to a pedestrian tunnel system for access to numerous neighbourhood amenities.
“The response to the building from the market has been very good the last few years, so the timing was right to refinance the debt to facilitate the future leasing,” says Ken Moczulski, CEO of M-M Properties.
“The loan provides capital for the partnership to execute its business plan, which is to increase occupancy in conjunction with building upgrades and a parking garage expansion,” adds Jason Obenhaus, TriGate Capital senior vice president. “The thriving area immediately surrounding Comerica Bank Tower, including Royal Blue Grocery, Neiman Marcus, The Statler Hilton, Main Street Gardens and the under-construction Pacific Plaza Park, is attracting tenants to the building area. Our job is to provide modern tenant spaces while showcasing the building’s iconic architecture and classic high-rise features.”