Commercial Property Executive:
New Orleans-based KFK Group has tapped Stream Realty Partners to handle leasing at One Main Place, its newly acquired 33-story high-rise in downtown Dallas.
Originally designed by world-renowned architectural firm Skidmore, Owings & Merrill, One Main Place has served as a gateway to the heart of the Dallas central business district for almost 50 years.
KFK Group acquired the landmark property in March, after the previous owner – a New York partnership – defaulted on $69 million in debt, as reported by the Dallas Morning News.
Built in 1968, One Main Place offers more than 1 million square feet of office space, 65,000 square feet of retail, 660 underground parking spaces and a 20,000-square-foot recessed plaza connecting to the downtown pedestrian tunnel. The new ownership plans to add value by implementing a series of upgrades and converting the top floors of the tower into a hotel or residential space.
“KFK Group is assembling a phenomenal team, and we are privileged to lead the office leasing component,” said Ramsey March, managing director at Stream Realty, in a statement. “They continue to take a forward-thinking, leadership position in the industry, investing in high-quality assets located in markets that are experiencing tremendous growth.”
One Main Place is located at 1201 Main St., on a full city block bounded by Main, Elm, Field and Griffin streets. It is situated within walking distance of the Belo Garden, Klyde Warren Park and West End Historic District, and along light-rail lines. But the property is less than 50 percent occupied, according to the Dallas Morning News.
“We are marketing a 105,000-square-foot block of like-new space formerly occupied by Bank of America, and expect to offer move-in-ready ‘tech suites’ this fall,” explained Matthew Weiser, managing director at Stream Realty. “Big announcements on other aspects of the redevelopment are on the horizon.”
KFK Group, which has been developing residential and commercial projects since 1996, focuses primarily on revitalizing overlooked areas and transforming underutilized properties via historic renovation or adaptive re-use. The company launched the first major post-Katrina residential development in New Orleans, which involved the renovation of the historic Krauss Department Store and its conversion into 233 luxury residential units. Dubbed 1201 Canal Condominiums, the $70 million project was completed in December 2008.
–– Amalia Otet
