The 18-story Chateau Plaza building in Uptown Dallas is getting a name change and multimillion-dollar cosmetic retouch.
Under the new name 2515 McKinney, the building will have its lobby, boardroom, tenant lounges, and public corridors renovated by the Dallas-based architectural firm Entos Design, per Connect CRE.
Investors connected with J.P. Morgan Global Alternatives have owned the building built in 1985 since 2005, per The Real Deal. It was last renovated in 2011.
The new look will give 2515 McKinney, which boasts 178,970 square feet of office space, a more modern and employee-centric feel.
“The planned renovations for 2515 McKinney will create a best-in-class office experience for our tenants and reposition the building as the premier place to office in Uptown,” Rhett Miller said, per a news release on April 5 from Stream Realty Partners.
Miller is the managing director of Stream Realty’s Dallas team, a commercial realtor that is partnering with J.P. Morgan Global Alternatives on the project.
The lessors of office spaces in Dallas-Fort Worth are under increasing pressure to lure lessees amid a softening market, as The Dallas Express recently reported.
The first three months of 2023 saw more than 18% of DFW office space empty.
With less demand and a high number of office spaces available, prospective tenants are going for newer and more modern properties.
Recently, Stonelake Capital Partners built a new 17-story, 180,000-square-foot Uptown office tower at 2626 McKinney Avenue that will open in 2025.
The renovation of 2515 McKinney, which is expected to be finished by fall, aims to reimagine the space with this competition in mind.
“Office demand is migrating to quality, and we plan to deliver just that,” J.P. Morgan’s executive director Dan Minkoff said in a statement, per The Real Deal.
The rebranding of Chateau Plaza as 2515 McKinney also points to the property’s strategic location in a highly sought-after submarket renowned for its diverse mix of dwellings, retail, and office spaces.
2515 McKinney is located at the corner of McKinney Avenue and Fairmont Street. Commuters have easy access to major highways, including Interstate 35 East, Woodall Rodgers Freeway, and the Central Expressway.
It is already home to various businesses, per Stream Realty.
The businesses include NexBank, a financial services company, Riveron, a national business advisory firm, and VMG Health, a national healthcare strategy and transaction consultancy.
