Dallas’ Pinnacle Tower has secured a leasing deal with New York Life Insurance, the third-largest life insurance company in the country.
Although headquartered in New York, New York Life Insurance has had a longstanding presence in Dallas, with previous offices on Merit Drive near North Central Expressway and on Greenville Avenue, according to The Dallas Morning News.
Its move to Pinnacle Tower will “create an office environment to exceed their goals and foster collaboration for years to come,” said Chase Lopez, vice president of Stream Realty, per the DMN. Steam Realty manages the property.
Located at the corner of the Dallas North Tollway and LBJ Freeway, the tower is ideally situated and boasts nine hotels, 19 banks, and 109 restaurants within a 1-mile radius.
Although built in 1986, the 24-story structure recently received $9 million in upgrades, according to the DMN.
As The Dallas Express extensively covered, commercial properties offering office space in the metroplex have suffered high vacancy rates since the start of the year due to high inventory and low demand. Because of this, many owners of existing properties have invested in upgrades to provide top amenities that will lure major tenants.
For instance, the owners of Bryan Tower in downtown Dallas have recently enlisted Dallas-based firm Merriman Anderson Architects Inc. to execute a $10 million upgrade to its lobby, elevator cabs, and more, as The Dallas Express reported.
In 2018, Pinnacle Tower had its lobby, entryway, walking areas, and outdoor patio updated. The work also created a sundry shop, coffee bar, fitness center, restaurant, tenant lounge, and conference room to modernize the property.
“Companies across the nation are looking for the best possible office experience for their employees in the most centralized location, reducing commute times and resulting in happier employees,” Lopez said of the tower, according to The Real Deal.
New York Life Insurance actually has an ownership stake in Pinnacle Tower, which it acquired with Dallas-based commercial real estate firm Encore Enterprises in 2016.
While the life insurance company will occupy 24,000 square feet of office space, the terms of the lease were not disclosed.
Notable current tenants in the tower’s 570,000 square feet of space include the law firm Haynes and Boone, the accounting firm Huselton, Morgan & Maultsby, and USAA Real Estate.
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