$70 Million Redo Helps Downtown's Fountain Place Tower Hang Onto Tenants

One of downtown Dallas' most familiar towers is in the midst of a major makeover that will bring additional parking and a new look to the skyline.Owners of the 60-story rocket-shaped Fountain Place are spending more than $70 million on the office building.At the same time, another developer is breaking ground on a 45-story companion tower next door.Atlanta-based Goddard Investment Group - which bought Fountain Place in 2014 - is building a new garage and retail building on the northeast side of the green glass tower.The upgrades to the 31-year-old Ross Avenue skyscraper have already prompted several major tenants to sign up for longer leases in the building.Wells Fargo Bank - which had been looking at other options in downtown and Uptown - has committed to keeping 123,650 square feet in Fountain Place for its flagship Dallas location.Tenet Healthcare, law firm Hunton & Williams and investment firm Gerald L. Ray & Associates have also decided to stay in the tower.In all, more than 500,000 square feet of extended office deals have been signed in the 1.2 million square foot building, according to property agents at Cushman & Wakefield of Texas who lease the tower."The renewals and new leases are an absolute validation of the vision of Goddard Investment Group and their commitment to such a significant reinvestment in an iconic Dallas property," Cushman & Wakefield's Johnny Johnson said. "While most other Dallas properties of this vintage are getting cosmetic improvements, Fountain Place is being completely reinvented as a bustling live-work-play complex."Revamping Fountain Place wasn't something the new owners rushed into.Designed by Harry Cobb of I.M. Pei and Partners, the building is one of Dallas' most iconic skyscrapers and a standout on the city's skyline.Goddard hired New York-based James Carpenter Design Associates Inc. and the Dallas office of Gensler to lead the team working on Fountain Place.The current construction includes:· Building a 10-story, 1,500-space parking garage with ground-floor retail between Fountain Place and the next-door Fairmont Hotel.· Renovation of the tower's lobby, including a floor-to-ceiling, glass-wall art piece designed by James Carpenter.· A new tenant lounge constructed at the north end of the lobby.· An 8,000-square-foot fitness center.· A training room to accommodate up to 150 people.The upgrades will also include renovation of the tower's signature fountains and landscaping around the base.  Continue reading...