Fortis Property Group has refinanced Chase Tower in Dallas, an office high-rise totaling 1.3 million square feet. Starwood Property Trust provided the $188.1 million financing package for the city’s fourth-tallest building, Dallas County records show.
The new funding retires a $199 million acquisition loan taken out by the owner in 2016, when it paid $285 million for the multi-tenant office asset, CommercialEdge data shows.
Located on a more than 3-acre site at 2200 Ross Ave., the LEED Gold certified building rises 55 stories. Designed by architect Richard Keating, the 1987-completed skyscraper underwent complete renovations in 2015.
The former owner invested $10 million in a capital improvement plan to upgrade Chase Tower, while Fortis Property Group has doubled down and invested $20 million in upgrades that are currently underway, according to the property website. Planned amenities include a cafe along with a restaurant and bar.
Chase Tower is home to the Dallas Petroleum Club and features a conference center seating 175 people, fitness center, tenant lounge and has access to several restaurants and shops through a sky bridge. The office building features column free 27,500-square-foot floorplates with ceiling heights between 9 and 13 feet.
Situated within Dallas’ Central Business District, the property is within walking distance of a light rail station served by all four DART lines and has easy access to Interstate 345. Dallas-Fort Worth International Airport is roughly 20 miles northwest, while Dallas Love Field Airport is 6 miles away.
According to CommercialEdge data, the tenant roster includes JP Morgan Chase, Locke Lord, Deloitte, Norton Rose Fulbright, Sheppard, Mullin and Richter & Hampton, among many others. In February 2020, Sheppard, Mullin, Richter & Hampton expanded its presence in the office tower, inking a new lease that doubled the space it occupied since 2018.
In late 2022, the banking giant could be parting from its namesake skyscraper within the city’s CBD, as reported by the Dallas Business Journal. JP Morgan Chase could potentially lease a 120,000-square-foot space at 1900 N. Akard St., a 480,609-squre-foot office high-rise owned by Hunt Realty Investments, less than half a mile from Chase Tower.