Thursday, February 09, 2017

New owner to begin multimillion-dollar upgrade on Oak Lawn building in Dallas

The new owner of an Oak Lawn office building — Abby Development — plans to begin a multimillion-dollar upgrade to the aging building, which could re-position the property, which sits near the popular Uptown neighborhood, to attract key tenants.

The upgrades to the four-story, 48,000-square-foot building at 3333 Welborn St. are slated for completion by the end of the year, which will bring nearly 30,000 square feet of available upgraded space to the market.
"We have spent the last several months designing a full-scale renovation that will feature best in class amenities," said Abby Vice President Mason Green, in a statement. "In this market, it's rare to find a building that offers a re-positioning opportunity of this magnitude in such an incredible location."

"Our vision is to create a workplace environment unlike any in the market, featuring a full amenity package and ample parking in a boutique, neighborhood office building," he added.

Abby Development acquired the building in Oct. 2016.

JLL's Blake Shipley and Cullen Donahue will lease and market the building. Dallas-based Caddo Real Estate Services will oversee the property management of the building.

Abby Development's investment in the building and the firm moving its headquarters to the building demonstrates its commitment to the building and neighborhood, said Shipley, who is a senior vice president in JLL's Dallas office.

"We fully expect these capital improvements to elevate this asset within the market," he said, in a statement.

The Oak Lawn office building sits in the Uptown submarket in Dallas, which has the second lowest vacancy rate in the region at 13.7 percent, according to JLL research.

Preston Center has the least amount of vacancy in Dallas-Fort Worth, with a rate of 10.2 percent.

Candace Carlisle/Dallas Business Journal.