Tuesday, August 28, 2007

Downtown Updates

• A California Investor is negotiating to purchase the building that once housed the Grand Hotel and restore it to a first class, historic hotel. It is currently owned by a Hong Kong firm and has been closed for more than six years. The new investor has also contracted to buy the adjoining former Dallas Public Library building and a nearby parking garage.
• Construction on the 1600 Pacific Tower will recommence with a new owner and construction plans. Lockey Capital Group has plans to turn the tower into more than 300 apartments. With the redevelopment of 1600 Pacific, Thanks-Giving Square will have the largest concentration of converted apartments downtown.
• 142,409-sf of leases have recently been announced at Plaza of the Americas. JPMorgan’s is the largest tenant, thanks to a 15,566-sf expansion. Capmark Financial also renewed with a seven-year pact. Newcomer, Memphis-based Sedgwick Claims Management Services, took 17,302-sf, leasing nearly all of the 12th floor. These three deals have pushed Plaza of the Americas office space to 75% occupancy.