About One Dallas Center
In 1978, the internationally renowned architect, I.M. Pei & Partners, designed One Dallas Center in the heart of the Dallas Central Business District. Renamed for a brief period as Patriot Tower, One Dallas Center and the adjoining ten-story parking garage, have undergone a complete renovation and adaptive reuse under the direction of Todd Interests and its partners.
Although the building had risen to prominence after its construction in 1978, it suffered a serious decline that resulted in an occupancy rate of less than 10% when Todd Interests acquired it. In less than 90 days, Todd Interests was able to formulate a business plan, acquire financing and capital, secure long term office leases, and close on the 600,000 square foot (s.f) office tower and parking garage.
At 30 stories and with a six-month construction deadline, One Dallas Center stands as one of the largest and most aggressive redevelopment projects in the Southwest. An important aspect of the acquisition and a key component to the project’s success was the relationship Todd Interests formed with Top 5 architectural firm, HKS, Inc. HKS, a world wide icon, signed a 22-year lease to relocate its corporate headquarters from Uptown Dallas to One Dallas Center and served as the architect on the project. Concurrently, Greyhound Lines, Inc., a staple of American culture and iconography, signed its long-term lease to maintain the presence of its corporate and executive offices on five floors. Greyhound Lines, Inc. is a wholly owned subsidiary of the multi-billion dollar conglomerate, FirstGroup PLC of Great Britain.
In addition to office space, One Dallas Center was converted to a condo regime to allow for mixed-use development. The project is comprised of offices on the lower 14 floors and high-end residential on the top 16 floors. The luxury for-lease residences at One Dallas Center offer a true cosmopolitan living experience. The parallelogram-shaped structure provide stunning views unlike any others located in the Central Business District.
In June 2015, Todd Interests sold the 276 For-Lease residences occupying the top 16 floors to an institutional investor. At the time of acquisition, One Dallas Center was demanding the highest rental rates in the market with a very rapid absorption rate.
December 2015 marked the completion of the project for Todd Interests, when Woods Capital purchased the office unit and parking garage. The transformation of One Dallas Center went full circle in 36 months from acquisition to final disposition. The exciting redevelopment and adaptation of One Dallas Center continues to serve as a catalyst for growth and secures Todd Interests as a stakeholder in real estate development in Downtown Dallas.
Related Press: Dallas Morning News | Dallas Business Journal | Dallas Morning News 2015 | BizBeat Blog
“I can't think of another deal that will have more impact on downtown. It sends a message with two large, respected companies signing leases in this building. Couple that with the residential component and it hopefully sets the trend for other buildings like that", said John Crawford, CEO Downtown Dallas, Inc.
-Dallas Morning News December 20, 2012
