Regent Properties Acquires Iconic Dallas Office Tower
Trammell Crow Center is one of the city's tallest buildings.
Regent Properties has acquired Trammell Crow Center, a 50-story skyscraper in the heart of downtown Dallas. The Los Angeles and Dallas-based firm bought the Class A office property from institutional investors advised by J.P. Morgan Global Alternatives. Regent did not disclose a sale price or deal terms.
One of the most well-known buildings in the Dallas skyline, Trammell Crow Center is home to major tenants including Gibson Dunn, Baker Botts, Goldman Sachs, Citibank, FTI Consulting and Invesco, according to CommercialEdge data.
The purchase also includes a full city block adjacent to the office tower that has an existing parking garage, ground-floor retail, and a development site where a new residential or office property could rise.
Designed by Skidmore, Owings & Merrill and completed in 1985, the landmark tower went up for sale in December 2021, according to the Dallas Morning News. In recent years, the building underwent $180 million in renovations and capital investments.
Regent Properties CEO Eric Fleiss said in prepared remarks that the major acquisition is part of the firm’s strategy to invest more than $2 billion in “high quality” office properties in Texas and the Sunbelt and underscored the firm’s confidence in the office market going forward.
The sale comes on the heels of several big moves by the company. In January, Regent acquired a 435,000-square-foot office tower in downtown Austin. The firm paid $174 million to seller Cousins Properties for the 20-story property, according to the Austin Business Journal. Last year, Regent paid $420 million for a four-building commercial office building portfolio in downtown San Diego. The firm also opened a second headquarters location in Dallas in September 2021 at 2000 McKinney Ave.
The Dallas-Fort Worth office market has posted strong office sales in recent months. In 2021, more than 28 million square feet of office space changed hands in the metroplex, according to CommercialEdge. On the leasing side, the region’s office vacancy rate hit a plateau in January, at 17.6 percent.