DALLAS – CBRE Global Investors has launched a $19 million renovation of the Galleria Office Towers, a 1.4 million, three-building office complex connected to the Westin Galleria Hotel in Dallas, near the LBJ Freeway.
A CBRE Global Investors fund bought the Dallas buildings, which were developed by Hines, from Cannon Commercial in 2015 for about $300 million. The assets were built in 1982-1991.
CBRE handles leasing at the Dallas Galleria Office Towers, which have MetLife, Merrill Lynch and Ryan Cos. as key tenants.
A notable renovation is a new parking system that will be the first of its kind at an office building in North America. The system includes license plate recognition technology that provides easy in and out access, electronic signs that display the number of spaces available on each level and overhead LED lights to alert drivers of open spots on each row, similar to what DFW Airport is implementing at their on-site parking garages.
Additional improvements in the works include new tenant lounges at each building, which will include a wine bar, collaborative co-working space and coffee bar, as well as a spacious outdoor courtyard. Each building will have multiple conference centers that can also serve as event space. An expansion of the state-of-the-art fitness center, which will be twice its current size, is also underway. Renovations to the lobbies, common corridors, restrooms and elevator cabs are also planned.
“We are bringing a new energy to this timeless property that will redefine the way tenants work,” said Celeste Fowden, a senior vice president with CBRE’s office leasing group. “CBRE Global Investors has committed to significant capital improvements that will completely revitalize this iconic Dallas property, and the location is central to everything that’s happening in the Dallas area right now.”
Ms. Fowden, Shannon Brown and Kenzie Killgore with CBRE’s Dallas office are the exclusive leasing agents for the Galleria Office Towers, on behalf of CBRE Global Investors, an independently operated affiliate of CBRE Group, Inc. The properties are also managed by CBRE under the direction of general manager Pam Baker.
March 21, 2016