Six new tenants have leased office space at the Lincoln Centre located at the intersection of Dallas North Tollway and LBJ Freeway in North Dallas.
The major deals for a total of 165,000 square feet of office space come on the heels of a multimillion-dollar renovation of the high-rise complex by its owner Nuveen Real Estate, per The Dallas Morning News.
New York-based Nuveen Real Estate, which manages approximately $156 billion of assets, aimed to modernize Lincoln Centre and lure tenants with its world-class amenity offerings.
Recently, the commercial real estate market in Dallas-Fort Worth has suffered from the economic pressures of falling property values and higher interest rates.
The demand for office spaces in particular took a tumble in the first few months of the year, with more than 18% of DFW office space empty, per The Dallas Express.
In light of these changes, prospective tenants are having their pick among office spaces and are going for newer and more modern properties.
“The multimillion-dollar renovation of Lincoln Centre, which was completed in fall 2022, significantly elevated the tenant experience, resulting in increased interest at the property,” explained Lauren LaFever, a representative of Nuveen Real Estate said in a statement, per the DMN.
The 15-story, 17-story, and 19-story towers were built in 1980.
“We were able to expedite a lot of the [reconstruction] because occupancy was low,” Matthew Schendle, executive managing director at Cushman & Wakefield, a commercial property firm, told the DMN during the renovation work in 2021. “It’s a credit that the owners kept their eye on the ball and powered through.”
The renovated buildings now feature an expansive fitness center, a conference center, a luxurious lobby lounge, and work areas.
The 500-room Hilton hotel also underwent renovations, which included a new junior ballroom.
Entos Design was the architecture firm responsible for the renovations and is also a major tenant within the Lincoln Centre complex.
Entos’ team has recently been engaged to lead the revamp of Chateau Plaza, now known as 2515 McKinney.
The Lincoln Centre is also ideally located on the LBJ Freeway and the tollway, putting it near important centers like Uptown, Frisco, and Plano.
The tenants who have recently leased office space at the Lincoln Centre complex include several high-profile firms.
Chubb Insurance, the world’s largest publicly traded insurance company, and Invitation Homes, a real estate investment firm, each leased 50,000 square feet of space.
Bridgecrest, an auto finance company, and Avery Dennison, a materials science and manufacturer, also signed leases for 20,000 square feet each.
The real estate firm Bridge Tower Homes leased 15,000 square feet of office space, while the commercial real estate firm Swearingen leased 10,000 square feet of space within the complex.
