DALLAS – March 15, 2016 – On behalf of CBRE Global Investors, CBRE announces $19 million in capital improvements planned for the Galleria Office Towers. The three Class A office buildings are located on the corner of the Dallas North Tollway and LBJ Freeway, 15 minutes from Plano, Frisco and Uptown and directly connected to the Westin Galleria Hotel as well as the 1.4 million-square-foot Galleria mall. The assets were built in 1982-1991 and total 1,418,800 square feet.
A notable renovation is a new parking system that will be the first of its kind at an office building in North America. The system includes license plate recognition technology that provides easy in and out access, electronic signs that display the number of spaces available on each level and overhead LED lights to alert drivers of open spots on each row, similar to what DFW Airport is implementing at their on-site parking garages.
Additional improvements in the works include new tenant lounges at each building, which will include a wine bar, collaborative co-working space and coffee bar, as well as a spacious outdoor courtyard. Each building will have multiple conference centers that can also serve as event space. An expansion of the state-of-the-art fitness center, which will be twice its current size, is also underway. Renovations to the lobbies, common corridors, restrooms and elevator cabs are also planned.
Following CBRE Global Investors’ purchase of the buildings, the Galleria Office Towers now offer tenants the 5-Star Worldwide workplace experience, including a full-time 5-Star manager who offers concierge services, including conference center booking and meeting planning assistance, assistance purchasing theater/concert tickets and corporate/personal gifts, travel and dining reservations, catering and vendor coordination, tenant socials and philanthropic events, among others.
“We are bringing a new energy to this timeless property that will redefine the way tenants work,” said Celeste Fowden, a senior vice president with CBRE’s office leasing group. “CBRE Global Investors has committed to significant capital improvements that will completely revitalize this iconic Dallas property, and the location is central to everything that’s happening in the Dallas area right now.”
Notable tenants at the Galleria Office Towers include MetLife, Merrill Lynch and Ryan Cos.
Ms. Fowden, Shannon Brown and Kenzie Killgore with CBRE’s Dallas office are the exclusive leasing agents for the Galleria Office Towers, on behalf of CBRE Global Investors, an independently operated affiliate of CBRE Group, Inc. The properties are also managed by CBRE under the direction of general manager Pam Baker, and renovations are being spearheaded by CBRE’s Project Management team.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
