Regent Properties Seeking $424M in Financing for Dallas Office Tower
By Cathy Cunningham December 29, 2021 1:43 pm
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Regent Properties is seeking roughly $424 million in financing for its purchase of Trammell Crow Center in Dallas, Commercial Observer has learned.
The Dallas News reported last week that “talks were underway” for Regent to acquire the 50-story office asset from J.P. Morgan Asset Management. The skyscraper, which sits at 2001 Ross Avenue in the city’s coveted Art District and spans 1.2 million square feet, is currently 90 percent leased to a mix of tenants including Goldman Sachs and Orix USA.
A Cushman & Wakefield team is currently marketing the financing request, sources said, with C&W’s Rob Rubano, Brian Share and Greg Napper leading the charge. C&W officials declined to comment.
Further details on the loan’s parameters couldn’t be gleaned, other than that Los Angeles-based Regent is targeting a roughly 65 percent loan-to-cost ratio.
A source familiar with the financing request said that a variety of lenders — from investment banks to money-center banks to life companies to debt funds — are likely competing for the deal.
Trammell Crow Center was built in 1985 as the headquarters of the now-defunct conglomerate Ling-Temco-Vought.
In 2017, the asset went under a sweeping renovation that transformed it into a mixed-use destination, with J.P. Morgan investing approximately $135 million in capital improvements. The overhaul was the first in the building’s history at the time.
Upgrades to the tower included a revitalized lobby, new outdoor gathering areas and a suite of new tenant amenities. The then-owners also expanded the property’s footprint by acquiring an entire 2.66-acre city block at 2000 Ross Avenue — across the street from Trammell Crow Center — and building a new 10-story parking structure along with roughly 21,000 square feet of ground-floor retail space.
No stranger to the Dallas area, the firm is also the developer behind the Legacy Central mixed-use development in Plano, Texas. The 930,000-square-foot property is anchored by Samsung and Peloton and home to four office buildings, 800 luxury apartments and a 150-key future hotel.
Officials at Regent Properties didn’t immediately return a request for comment.
Cathy Cunningham can be reached at ccunningham@commercialobserver.com.
