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8/09/16
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Fortis Property Group has acquired Chase Tower, a 55-story, 1.253 msf office tower in Dallas. The high-rise was sold by Hines. The deal is said to be worth around $285 mil, or $227/sf.
The building, located at 2200 Ross Ave in Dallas' Arts District/Midtown area, was designed by Skidmore, Owings & Merrill and completed in 1987. The tower's unique architecture stands out on the Dallas skyline with its signature, curved glass top and a seven-story keyhole near the top.
Existing tenants at Chase Tower include JPMorgan Chase, Prudential Insurance, Deloitte & Touche and Locke Lord LLP.
Hines had spent around $10 mil updating the asset, although Fortis has plans to further upgrade Chase Tower in a manner that will position it on par with the newer Class A Uptown office properties. Hines was represented by HFF in the deal.
Hines Senior Managing Director Rob Witte noted that the firm continues to search for other investment opportunities in the area. The company is ready to break ground on Victory Center, a 455k sf office tower.
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