DALLAS, TX – April 23, 2024 – Stream Realty Partners, a national commercial real estate firm offering an integrated platform of services, announces it has secured over 315,000 square feet of leases at Pinnacle Tower, with approximately 200,000 square feet of these leases being new transactions. The addition of these tenants, signed over the last 18 months, brings the occupancy at the asset to 90%.
Stream Executive Vice President J.J. Leonard, Senior Vice President Chase Lopez, and Vice President Marissa Parkin represented building ownership, New York Life Investors. New and expanding tenants include New York Life, Guidestone, Nothing Bundt Cakes, Haynes & Boone, Beaird Harris, and many others, with many of the leases signed being full-floors or more.
Strategically located at the intersection of Interstate 635 and the Dallas North Tollway, Pinnacle Tower offers unparalleled visibility and convenience, making it an ideal choice for businesses looking to establish or expand their presence in the Dallas market. New York Life Investors acquired the 549,170-square-foot 1980s vintage tower in 2016 with a value-add investment strategy to convert an owner-occupied office tower into an amenity-rich multi-tenant environment that rivals new construction.
Following the acquisition, the office tower was less than 50% occupied. On behalf of New York Life Investors, Stream executed a multi-million dollar repositioning of the asset that delivered in 2017 and 2018, incorporating state-of-the-art conference facilities, a fitness center, and a premium dining and coffee option, affording tenants a productive and enjoyable work environment. In addition to increasing occupancy to near stabilization, in-place rents increased by 75%.
“Pinnacle Tower stands as a testament to the successful revitalization of a 1980s-era office building situated in a prime location,” said J.J. Leonard. “The caliber of tenants who have chosen to lease space at Pinnacle Tower underscores the winning formula for leasing 1980s-vintage office space. By prioritizing strategic enhancements and catering to modern needs, we’ve attracted a diverse range of businesses seeking a thriving office environment,” said Chase Lopez.
For more information, contact Stream Dallas at 214.267.0400.
About Stream Realty Partners
Stream Realty Partners is a national commercial real estate firm offering an integrated platform of services, including leasing, Legendary CX property management, tenant and landlord representation, capital markets, investment management and sales, development, construction management, national program management, workplace strategies, strategic marketing, and dedicated research. The company is headquartered in Dallas and operates 15 core offices in markets that cover areas including Alexandria, VA; Arlington, VA; Atlanta; Austin, TX; Boca Raton, FL; Charleston, SC; Charlotte, NC; Chicago; Colorado Springs, CO; Dallas; Denver; Fort Lauderdale, FL; Fort Worth, TX; Greenville, SC; Houston; the Inland Empire; Irvine, CA; Los Angeles; Miami; Nashville, TN; Orange County, CA; Phoenix; Raleigh-Durham, NC; Reston, VA; San Antonio; Tampa, FL; Tysons; Washington, D.C.; and South Florida. Since 1996, Stream has grown to more than 1,400 professionals and now completes more than $8.8 billion annually in office, industrial, retail, healthcare, land, and data center transactions. For information, visit www.streamrealty.com and follow Stream on LinkedIn, Instagram, X and Facebook.