DRA Advisors closed on 134k SF of office space at 5050 Quorum Dr in Dallas. Having deja vu? In November 2014, DRA closed on 165k SF of office space at 5000 Quorum Dr.
The two Quorum Drive office buildings were built as sibling properties and will be reunited to create a campus-style environment.
DRA closed on two other Addison-area properties, Quorum Place, a nine-story 182k SF property at 14901 Quorum Dr and The Spectrum, a five-story 118k SF property at 15301 Spectrum Dr, in November 2014.
DRA’s existing Quorum portfolio underwent an $7M renovation to include new conference facilities, tenant lounges, fitness centers and better WiFi everywhere. 5050 Quorum Dr will begin matching upgrades later this summer and complete renovations by the end of this year.
Stream Realty Partners will lease and manage construction of the newly purchased seven-story building. Above, DRA’s Mike Mankowich, Dan Goldman and Scott Lebenhart and Stream’s Ryan Evanich and Jordan McFarland were all smiles after closing the deal.
5050 Quorum has a 84% occupancy rate. Stream hopes renovations and upgrades will cause occupancy to surpass 90%, which is the case at 5000 Quorum.
“Adding amenities to to these ’80s vintage office buildings rings true with the tenants,” Ryan tells us. “We’re seeing the best demand on these buildings in years and occupancy is starting to reflect that.”
By: Julia Bunch