More Redos on the Way at Downtown Dallas' Plaza of the Americas

Investors who've been redoing one of downtown Dallas' best-known mixed-use projects are planning even more upgrades.Invesco Real Estate and M-M Properties bought the 3-building Plaza of the Americas complex on Pearl Street in 2011.They spent more than $10 million on the biggest renovation to the high-rise office and retail complex since it was opened in 1980.Now the investors plan more improvements as the project signs a string of office leases."We are going to add to what we have done - minor revisions to the lobbies with new lighting and artwork," said M-M Properties Senior Vice President Joel McCarty. "We are also going to upgrade the restrooms and the elevator cabs."Plaza of the America's includes two 25-story office towers and a 13-story retail atrium.McCarthy said the development is about 76 percent leased.The owners have recently signed several office leases, following the major remodeling."People are making longer term commitments to the building," McCarthy said. "You saw how it looked before and how it looks now."The renovations completed in 2015 included removing the ice-skating rink in the retail atrium and replacing it with a garden plaza, seating and dining areas and more retail space.Plaza of the Americas and leasing agent Peloton Commercial Real Estate in recent months have made more than 125,000 square feet of leases.The largest transactions include a 23,284 square foot lease to Allegro Development and a 47,506-square-foot lease renewal by accounting firm BDO.Saville Dodgen renewed and expanded its 17,681-square-foot office lease in the building.Other office leases have been made by law firm McElree Smith, AT&T Performing Arts Center, BloodSolutions, J Duncanson Roofing, Equity Office Management and King's Way Courier.Invesco Real Estate and M-M Properties paid more than $100 million for the Plaza of the Americas. It's located between DART's Pearl Street commuter rail station and the Arts District.  Continue reading...

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