Houston-based Triten Real Estate Partners bought the Tollway Place building at the northeast corner of the Dallas North Tollway and Belt Line Road in Far North Dallas.
Steve Brown | Dallas News
May 6, 2009
A high-profile Dallas office building has changed hands with plans for a major makeover.
Houston-based Triten Real Estate Partners bought the Tollway Place building at the northeast corner of the Dallas North Tollway and Belt Line Road in Far North Dallas.
The six-story, 90,795-square-foot building has long housed a location for Bank of America.
The new owners have started a renovation that includes building new retail on the ground floor. A Velvet Taco restaurant with an outdoor patio will be located in the addition to the building.
"This is an incredible corner within the lower tollway submarket and has been off the radar for the last decade," Scott Arnoldy, managing partner of Triten, said in a prepared statement. "We are excited about how much this building will change.
"We will completely reposition the asset to provide a boutique mixed-use environment that can't be found in other buildings along the tollway."
Built in the 1980s, the building is in an area that's seeing renewed development activity.
Perkins and Will is the architect on the redevelopment project. Ben Davis and Shannon Brown of CBRE are the leasing the building.
The upgrades include a complete lobby renovation and a new corporate lounge and conference center.
The Tollway Place renovations are expected to be complete by this fall.
"There is a lot of potential for this property," Paul Marin, a partner in Triten's Dallas office, said in a prepared statement. "Our acquisition strategy is to purchase Class B office buildings in prime locations and give them new life, which will yield superior returns."
Triten Real Estate Partners has been in business since 2011 and is a subsidiary of investment firm Triten Corp., which has holdings in energy, media, real estate and consumer goods.