DALLAS, TX – January 15, 2016 – Trammell Crow Company and MetLife announce that construction has commenced on Park District. Park District stands at the heart of Downtown Dallas, the Arts District, Uptown and Klyde Warren Park. The two-tower mixed-use development boasts more than 900,000 square feet of premier Class A office space, restaurants and luxurious residences. Park District offers its residents, employees and guests unparalleled amenities at the doorstep of Klyde Warren Park.
“Park District is designed to promote a vibrant, walkable oasis both for the office tower tenants as well as the residents, with open green space and amazing restaurants with unparalleled views and access to the park,” said Scott Krikorian, Senior Managing Director of Trammell Crow Company’s Dallas-Fort Worth Business Unit. “The project’s location embodies the live, work, play lifestyle that today’s tenants are seeking in order to recruit and retain knowledge workers. Our team, along with MetLife, the City of Dallas and Klyde Warren Park are proud to be a part of adding two iconic towers to the Dallas skyline.”
“This project began ten years ago when we bought a small parcel of land in Uptown,” said Kurt Day, director and head of 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 for Uptown residents and workers.”
The 20-story office tower, PwC Tower at Park District, will feature approximately 500,000 square feet of Class A office space with 7,000 square feet of ground floor retail. PwC, a global professional services firm that delivers quality assurance, tax and advisory services is the building’s anchor tenant, is occupying approximately 200,000 square feet on floors 12-19. The tower features first-class fitness facilities, outdoor common spaces, on-site banking and valet. The lobby will include a conference center, executive lounge, and “great room” for tenants to use as an alternative workspace.
Trammell Crow Company’s residential subsidiary, High Street Residential, is developing the 33-story Residences at Park District. The Residences at Park District will feature 253 luxury 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 Dallas skyline, a state-of-the art fitness center, and valet and concierge services. The retail space will have 20’ floor-to-floor glass on two levels providing the second level with dramatic views of Klyde Warren Park.
The two buildings will be connected via a plaza, which was designed by The Office of James Burnett, the landscape architecture firm that designed the award-winning Klyde Warren Park.
The project was designed to emphasize a strong connection to Klyde Warren Park with wide, inviting sidewalks, park-like landscaping, and a large, walkable plaza as the main entry. To further promote the connection to Klyde Warren Park, the vast majority of parking will be located in a sub-grade, 4-level garage accessible from both Pearl and Olive Street.
The development team is being led by Scott Krikorian, Joel Behrens and K.C. Bills with Trammell Crow Company. Balfour Beatty is the general contractor and HKS is the project architect. The development team is seeking LEED® Gold certification for PwC Tower at Park District and LEED® Silver certification for The Residences at Park District. Financing for the project was led by JP Morgan Chase.
Dennis Barnes, Celeste Fowden and Clay Gilbert with CBRE Dallas are leasing and marketing PwC Tower at Park District. Phil Puckett with CBRE Dallas represented PwC in their lease transaction.
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 (TCC), 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, 2015, TCC had $6.7 billion of projects in process and $4.0 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, through its operating subsidiary High Street 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.
TCC 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 2014 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. Over the past decade, the Company has completed 5,000 units in over $1.2 billion in value with a current pipeline of more than 4,500 units valued at $1.8 billion.