A New York-based real estate investment firm has acquired a premier mixed-use development in the heart of downtown Dallas.
Brooklyn-based Shelbourne Global Solutions has acquired Dallas’ Plaza of the Americas from owners M-M Properties and Clarion Partners, reported The Dallas Morning News.
Newmark Group, the commercial real estate advisory firm that brokered the deal, said the transaction was the largest office sale thus far this year, per the DMN.
The Plaza of the Americas is an expansive office and retail complex situated on the corner of Pearl and San Jacinto streets in the Dallas Arts District.
The complex covers an area of 1.2 million square feet and comprises two 25-story office towers connected by a multi-story glass atrium. The first two floors have over 120,000 square feet of retail and dining space, and there is also an eight-story parking garage.
“Plaza of the Americas is uniquely positioned to capture future office and retail leasing demand in downtown Dallas as millions of square feet of Class B office undergoes a repurposing to alternative uses, primarily residential and hospitality,” stated Chris Murphy, a Newark vice chairman, in a press release.
“Our team is proud to be a part of this transaction and especially grateful to have assisted all parties in completing Dallas’ largest office sale so far in 2023,” added Murphy.
Construction on the Plaza of the Americas finished in 1980. Since then, it has undergone two significant renovations to bring its “infrastructure and lease space up to a superior standard.”
The complex’s construction, as noted by the DMN, marked more than one “first” for Dallas — the city’s first shopping center to feature an atrium and first commercial development to boast an ice-skating rink.
However, one of the recent renovations involved replacing the ice-skating rink in the atrium with an urban garden that boasts natural lighting, water features, food pavilions, and retail shops.
The Dallas Express reached out to Newmark Group for a statement about the landmark sale but had not heard back by the time of publishing.