DALLAS — 5050 Quorum Dr. is comprised of a seven-story office building totaling 133,799 square feet. DRA Advisors LLC purchased the office building with plans to renovate the asset and combine it with 5000 Quorum, a seven-story 165,434-square-foot office building that it acquired in November 2014. The buildings were originally constructed together and will now be reunited to create a campus-style environment.
“We are excited to expand our office footprint in the Dallas area and will continue to look for additional opportunities that fit our strategy,” said Dan Goldman, managing director of DRA. “The North Dallas/Addison region offers compelling resources and amenities that continue to entice businesses to relocate to the area.”
Stream Realty Partners has been awarded the management, leasing and construction management of the asset at 5050 Quorum. Stream’s leasing team, which includes Ryan Evanich, Chase Lopez and Jordan McFarland, along with Stream’s property management team including Jenny Taylor and Karen Hatfield will oversee the leasing and property management for the property. Stacye Wolfe will serve as construction manager for the renovation efforts.
Evanich tells GlobeSt.com: “Initial reactions to the renovations have been fantastic. Every broker we’ve toured over the past few weeks has been blown away by what we’ve been able to accomplish here.”
DRA recently revealed completed renovations for its existing three-building Quorum portfolio acquired in November 2014. Renovations and upgrades totaled more than $8 million at 5000 Quorum Dr., at Quorum Place (a nine-story 181,737-square-foot building at 14901 Quorum Dr.) and at The Spectrum (a five-story, 118,532-square-foot building at 15301 Spectrum Dr.). These improvements include new conference facilities, tenant lounges and fitness centers.
“We look forward to working with DRA to lease the space to a growing employee base within the community,” says Lopez. “The recent renovations and added amenities have allowed us to compete for businesses desiring an affordable live, work and play environment.”
By: Lisa Brown