Trammell Crow Company And Metlife Unveil Park District
Trammell Crow Company And Metlife Unveil Park District
January 7, 2015
Class A, Luxury 916,000 square foot Mixed-Use Project that Sits at Gateway to the Uptown Submarket
DALLAS, TX – Trammell Crow Company and joint venture partner MetLife, Inc. are pleased to announce Park District, a 916,000 square foot mixed-use project designed by Dallas based HKS Architects.
Park District will include a Class A office tower, a luxury residential tower, ground-floor retail, extensive below-grade parking, and a plaza designed by The Office of James Burnett, the landscape architecture firm that designed the award-winning Klyde Warren Park. The project will sit on the 3-acre parcel between Pearl Street, Olive Street and Klyde Warren Park. Construction is expected to commence in 2015.
“We believe this is the best site in North Texas for a project of this kind,” said Scott Krikorian, Senior Managing Director with Trammell Crow Company’s Dallas-Fort Worth Business Unit. “We are excited about working with MetLife and the City of Dallas to develop this site at the doorstep of our city’s signature park. Park District will be a one-of-a kind project that will further connect the Arts District, Downtown, and Uptown, providing tenants, residents and the public a unique way to experience Klyde Warren Park and the City. Trammell Crow Company has delivered over 4.7 million square feet of Class A office towers in the Central Business District and we look forward to adding another marquee project to Dallas’ skyline.”
“This project began almost ten years ago when we bought a small well-located parcel of land in Uptown,” said Kurt Day, director and regional head of real estate in MetLife’s Dallas office. “Uptown’s evolution and the effects of Klyde Warren Park over the last few years have been exciting, and we think Park District will raise the bar to the benefit of Uptown residents and workers.”
The 19-story Park District Tower, which sits on Pearl Street, will feature approximately 502,000 square feet of Class A office space with 9,000 square feet of retail at the base of the tower. Park District Tower will provide tenants with efficient floor plates, multiple outdoor terraces, a state-of-the art fitness facility, a full conference facility with meeting rooms, and a grand lobby with luxury hotel-like space for informal meetings.
Trammell Crow Company’s residential subsidiary, High Street ResidentialSM, will develop the 32-story Residences at Park District, which will sit on Olive Street. The Residences at Park District will feature approximately 255 residential units and 13,000 square feet of retail space fronting Klyde Warren Park. Residents will have access to an amenity deck with a pool overlooking Klyde Warren Park and the downtown Dallas skyline, a state-of-the art fitness center, and valet and concierge services. The retail space will provide 20’ floor-to-floor glass on each level with the second level retail taking cues from the architecture of the office building with a signature cantilever, providing ground level shade and amazing views of Klyde Warren Park.
In an effort to integrate Park District into the existing fabric of the neighborhood, the vast majority of office, residential and visitor parking will be located in a below-grade garage to allow relief along Klyde Warren Park. The design of Park District emphasizes strong connections to Klyde Warren Park with wide, inviting sidewalks, park-like landscaping, and the project’s main entry from Woodall Rodgers, a large, walkable plaza with valet pick-up and drop-off.
The development team will seek LEED® Gold and Silver certification for the office and residential buildings respectively. CBRE Dallas has been appointed the leasing agent for the office and retail space.
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (MetLife), is one of the largest life insurance companies in the world. Founded in 1868, MetLife is a global provider of life insurance, annuities, employee benefits and asset management. Serving approximately 100 million customers, MetLife has operations in nearly 50 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.
With more than 100 years of real estate investment experience, MetLife is one of the largest investors in the real estate industry, with nearly $59 billion in real estate invested assets, including $43 billion in commercial mortgages and nearly $16 billion in equity investments as of September 2014. Investing in real estate provides MetLife with opportunities designed to match the long-term liabilities the company writes through its insurance products.
About Trammell Crow Company
Trammell Crow Company, founded in 1948, is one of the nation’s leading developers and investors in commercial real estate. The Company has developed or acquired nearly 2,600 buildings valued at nearly $60 billion and over 540 million square feet. As of September 30, 2014, Trammell Crow Company had $5.1 billion of projects in process and $2.9 billion in its pipeline.
Trammell Crow Company’s teams are dedicated to building value for its clients with professionals in 16 major cities throughout the United States. The company serves users of and investors in office, industrial, retail, healthcare, multi-family residential and mixed use projects. For those who occupy real estate, TCC can execute the development or acquisition of facilities tailored to meet its clients’ needs. For investor clients, the company specializes in joint venture speculative development, acquisition/re-development ventures, build-to-suit development, or providing incentive-based fee development services.
Trammell Crow Company is an independently operated subsidiary of CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, and the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). For more information visit www.TrammellCrow.com.
About High Street Residential
High Street Residential, a wholly-owned operating subsidiary of Trammell Crow Company, specializes in the development of multifamily housing. We have a deep background in urban, infill mixed-use residential development, as well as the redevelopment or repurposing of existing facilities. Since 2000, the Company has completed 6,125 units in over $1.5 billion in value with a current pipeline of more than 2,100 units valued at $540 million.