https://www.dallasnews.com/business/rea ... ew-funding
The owners of downtown Dallas' Comerica Bank Tower have arranged new funding for the landmark skyscraper that will provide for upgrades and a larger parking garage.
The 60-story high-rise at Main and Ervay streets opened in 1987 and was designed by famed architect Philip Johnson and his partner John Burgee.
Since 2015, the 1.5 million-square-foot granite and glass tower has been owned by Dallas' TriGate Capital LLC and M-M Properties.
The owners have just arranged an almost $163 million loan with Annaly Commercial Real Estate Group Inc to refinance and improve the tower.
Holliday Fenoglio Fowler LP arranged the new debt deal.
"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," Jason Obenhaus, TriGate Capital senior vice president, said in a statement. "Our job is to provide modern tenant spaces while showcasing the building's iconic architecture and classic high-rise features."
One of downtown's tallest buildings, Comerica Bank Tower has already had renovations in recent years that have helped attract new tenants and retain businesses in the iconic skyscraper.
"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," said Ken Moczulski, CEO of M-M Properties.
Part of the new funding will go to pay for an addition to the building's huge parking garage at Main and Harwood streets.
Many downtown office towers built in the 1980s have been adding to there parking as the number of workers in the buildings has increased.
The Comerica Bank Tower is located on the east side of downtown, an area that is seeing a resurgence with new development.
"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," Obenhaus said.
EDIT: Hopefully, some retail can be added to the bottom of the parking garage, during its expansion. The current parking garage is already big as hell. I couldn’t imagine it getting any bigger. (The parking garage is across from the Hotel Indigo/Titche’s Building on Harwood)