Downtown Dallas: Comerica Bank Tower

[dallaz]

Downtown Dallas' landmark Comerica Bank Tower gets $163 million in new funding

https://www.dallasnews.com/business/rea ... ew-funding

The owners of downtown Dallas' Comerica Bank Tower have arranged new funding for the landmark skyscraper that will provide for upgrades and a larger parking garage.

The 60-story high-rise at Main and Ervay streets opened in 1987 and was designed by famed architect Philip Johnson and his partner John Burgee.

Since 2015, the 1.5 million-square-foot granite and glass tower has been owned by Dallas' TriGate Capital LLC and M-M Properties.

The owners have just arranged an almost $163 million loan with Annaly Commercial Real Estate Group Inc to refinance and improve the tower.

Holliday Fenoglio Fowler LP arranged the new debt deal.

"The loan provides capital for the partnership to execute its business plan, which is to increase occupancy in conjunction with building upgrades and a parking garage expansion," Jason Obenhaus, TriGate Capital senior vice president, said in a statement. "Our job is to provide modern tenant spaces while showcasing the building's iconic architecture and classic high-rise features."

One of downtown's tallest buildings, Comerica Bank Tower has already had renovations in recent years that have helped attract new tenants and retain businesses in the iconic skyscraper.

"The response to the building from the market has been very good the last few years, so the timing was right to refinance the debt to facilitate the future leasing," said Ken Moczulski, CEO of M-M Properties.

Part of the new funding will go to pay for an addition to the building's huge parking garage at Main and Harwood streets.

Many downtown office towers built in the 1980s have been adding to there parking as the number of workers in the buildings has increased.

The Comerica Bank Tower is located on the east side of downtown, an area that is seeing a resurgence with new development.

"The thriving area immediately surrounding Comerica Bank Tower, including Royal Blue Grocery, Neiman Marcus, The Statler Hilton, Main Street Gardens and the under-construction Pacific Plaza Park, is attracting tenants to the building area," Obenhaus said.

EDIT: Hopefully, some retail can be added to the bottom of the parking garage, during its expansion. The current parking garage is already big as hell. I couldn’t imagine it getting any bigger. (The parking garage is across from the Hotel Indigo/Titche’s Building on Harwood)

[lakewoodhobo]

Too bad it sounds like most of the upgrades are going to the parking garage and interior common space. This building is screaming for an update to its public space on Main and Ervay, which is pretty much just a decorated buffer.

[DPatel304]

So this is the garage, correct?
https://www.google.com/maps/@32.7824699 ... 312!8i6656

[dallaz]

So this is the garage, correct?
https://www.google.com/maps/@32.7824699 ... 312!8i6656

I believe so. The article said at the intersection of Main and Harwood. So, I would assume that this is it. I don’t think there’s a parking garage near this site.

[Tivo_Kenevil]

I don't know if that's it. I believe that is a city owned garage.

[I45Tex]

The garage on the Harwood end of that block is owned with 1700 Pacific. The shorter garage on the farther Pearl half of the same block is owned with 1717 Main (Comerica Tower).

The Comerica garage appraisal reads:

Depreciation
Physical: 50%
Functional: 0%
External: 0%
Total: 70%

Nonetheless, it is being appraised by DallasCAD for fully fifteen times more than that neighboring garage -- the neighbor which also includes air rights, the skybridge, is 45% larger, and has 67% depreciated.
The improvements are taxed as worth $9,000,000 and $600,000 approximately. Their land values are the same per acre (2.83MM) so the only distinction in assets is that Comerica was built in '86 and the other '82. Quite hard to understand the drastic outcome difference.

[cowboyeagle05]

If you have ever walked around this massive garage it does have plenty of room for building out of retail spaces without removing parking spots so hopefully one day the demand for ground floor space will drive them to make such improvements. Imagine all we will get here is a new signage and a taller garage.