(HOUSTON) — Hines, the international real estate firm, today announced the closing on the sale of Chase Tower in Dallas to Fortis Property Group. Hines was advised by HFF on the transaction.
The 55-story, Class A office tower is located at 2200 Ross Avenue in Dallas' Arts District/Midtown area. The 1,253,615-square-foot tower was designed by Skidmore, Owings & Merrill and was 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.
“We are thrilled to add this signature building to our Dallas portfolio,” said Fortis Property Group CEO, Jonathan Landau. “Hines did a terrific job updating this trophy asset and we have plans to further upgrade Chase Tower in a manner that will position it on par with the newer Class A Uptown office properties.”
Hines Senior Managing Director Rob Witte commented, “Hines has enjoyed its involvement with this iconic property in the Dallas CBD, and we look forward to committing more capital to the Dallas/Fort Worth area. We continue to search for other investment opportunities in the area, including Victory Center, our 455,000-square-foot office tower which is ready to break ground.”
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 182 cities in 20 countries. Hines has $89.1 billion of assets under management, including $42.5 billion for which Hines provides fiduciary investment management services, and $46.6 billion for which Hines provides third-party property-level services. The firm has 109 developments currently underway around the world. Since its founding, Hines has developed, redeveloped or acquired 1,126 properties, totaling over 351 million square feet. The firm’s current property and asset management portfolio includes 457 properties, representing over 193 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.
Fortis Property Group, LLC is a private US real estate investment, operating and development company. Its real estate projects include the ownership, development and management of Class A office, multi-family residential condominiums and rentals, and industrial properties. The company’s headquarters is located in Brooklyn, NY. Founded in 2005, Fortis built its fully integrated operating and development platform while acquiring office properties throughout the US in excess of 3 Billion USD and over 8 million square feet. Today, Fortis manages millions of square feet of commercial and residential property in various U.S. locations including Boston, New York, New Jersey, Connecticut, and Texas, as well as industrial properties that are located around the United States. Fortis’ development projects are primarily focused on ground-up residential multi-family and condominium offerings in the boroughs of Manhattan and Brooklyn. Its development projects are united with a unique and distinct blend of modern elegance, thoughtful design and exceptional craftsmanship. Recent accomplishments include 1 Seaport, the first all glass waterfront skyline building in lower Manhattan, 540 West, a transformative, block-long luxury condominium development in Hell’s Kitchen, 239 North 9th Street and 212 North 9th Street in Williamsburg, and the highly anticipated multi-block Atlantic Avenue redevelopment in Cobble Hill.