Chase Tower, one of the most prominent skyscrapers in downtown Dallas has landed a huge new loan of $188 million.
The skyscraper, located in Ross Avenue, was opened in 1987 with almost 1.3 million square feet of offices. The colossal tower is a 55-story building.
In 2016, New York-based Fortis Property Group paid $285 million for the high-rise, and they have owned the landmark downtown tower since then.
According to information from property data firm CommercialEdge, Fortis Property Group has now secured a new $188 million loan on the property from Starwood Property Trust. Dallas County records show the new funding came from Starwood’s SPT Real Estate Capital LLC. The new loan has now paid off an older mortgage on the property.
The new funding came when Chase Tower’s biggest tenant, JPMorgan Chase, was looking to leave the building for another location. Reports also suggest the building’s exclusive Petroleum Club is also looking to leave the downtown Dallas tower.
Fortis Property Group and the former owner of the skyscraper spent over $30 million upgrading the downtown landmark designed by architect Richard Keating. In the upgrade, the owners made improvements to the lobby area and a revamped plaza area out front.
Chase Tower also boasts other tenants; Deloitte, law firms Locke Lord, Norton Rose Fulbright, and Sheppard Mullin, as well as Prudential Insurance.
